Bangalore based startup — Cozee Homes, A Managed Home Rental Platform, has announced today that the company has raised Rs. 1 Crore in a seed round of financing from angel investors. The round led by Mr. Ramaswamy Varadharajan, ex-MD of Gulfspic, also saw participation from Mr. Naveen Kumar (Partner, MBM Constructions) and Mr. Balan (Udhayam group of hotels).
The company will use the money raised to continue its expansion into Bangalore and Chennai, as well as ramp up it’s offering for home owners and tenants.
Unlike classified websites which act as search portals, Cozee Homes has built an end-to-end offering which helps both owners and tenants with discovery, transaction, and post-transactional services.
Tenants who rent a Cozee Home are assured of a standardized experience during their tenancy including rent ready properties, 24 hour guaranteed resolution for home maintenance requests, online rent/deposit payment, and 24×7 customer support. Residents can also avail a suite of curated services including internet, rental furniture, home delivered dinner, home cleaning, etc. all of which enhances their experience during tenancy.
The company offers a property management based solution for landlords who sign up. “Most home owners live far away from their property and have trouble taking care of the same. Cozee Homes assists them with finding tenants, background verification and deal closure, rent/deposit payments, home maintenance, tenant management, and much more. It’s a holistic approach to solving the rental problem”, said Balaji V, Co-Founder and COO of Cozee Homes.
“The home rental market is poised to grow. With the real estate industry struggling with sale of inventory, most buyers are turning into renters”, said Ajay Kumar, Co-Founder and CEO of Cozee Homes.
Home owners are charged 5-10% of the monthly rent (billed MoM) as a fee for management of the property, which is the core-revenue source for the company. Tenants pay a 1-time service fee when they move into a home, which is another revenue source. Founded in 2016, the platform currently manages 250 properties, and handled over Rs. 3Cr in gross rentals in the previous financial year. With 20% growth MoM, the company is confident of growing 5X in the current financial year.