Home rental service startup ZiffyHomes today said it has acquired Gurgaon-based home rental platform Nivaasa, in an all-cash deal. The company however did not disclose the deal value. The acquisition comes two months after the company had acquired competitor Fella Homes in February this year.
“The acquisition will help to expand in the premium category apartments across India, given that they are currently based in Delhi NCR,” ZiffyHomes said in a statement.
Founded in 2016 by Louis Pereira, Reuben Noronha and Gaurav Sood, Nivaasa provides home seekers with an integrated online-to-offline house-hunting solution. The startup currently operates in Gurgaon, Delhi, Mumbai and Bangalore. Prior to starting Nivaasa, the three founders have worked in the consulting industry at Bain & Co, McKinsey & Co, and Essex Lake Group.
The startup created its own furnished living spaces and provides a house hunting service to home seekers looking for rentals in the open market. This apart, it also provides furnished and rental homes to people and allow them to customize the amount of furniture they desired to rent.
Nivaasa acquisition will add 12 community Hubs to ZiffyHomes’ rental business in Gurugram. The Ziffy Technologies platform currently has close to 2,000 rooms along with supply of around 500 studio apartments listed on it across Delhi/NCR.
In January, ZiffyHomes announced a seed funding round of Rs 2 crore from investors Bikky Khosla, chief executive at Trade India, Anirudh Agarwal, managing director at Shree Sharda Group, and Ajay Kaul, CEO of Jubilant FoodWorks, among others.
It is to be noted that Fella Homes, which Ziffyhomes acquired this February, had too acquired smaller rival Lifepad Homes in July 2016.
House rental market is said to be worth ~$30B market and still has huge gap unmetIn the online home rental space. Ziffyhomes competes with startups like NestAway, Placio, Homigo, Stanza Living etc.
Last month, Bangaluru-based NestAway had announced a whopping $51 Mn fundraise from Goldman Sachs, UC-RNT Fund and the University of California. In May 2017, NestAway had too made acquisition of residential rental management company Zenify for an undisclosed amount.
Recently in February, student housing startup Placio raised $2 Mn in a Pre-Series A funding round from Prestellar Ventures. Around the same time, co-living startup CoLive raised $1.8 Mn (INR12 Cr) in a round of funding led by Ncubate Capital Partners.
In November 2017, another player of student accommodation, Stanza Living raised $2 Mn in funding from investment firms Matrix Partners and California-headquartered Accel Partners. Another similar startup Zolo had raised $5 million from Nexus Venture Partners, in January 2017.
The above news was first reported in Times of India.