Zenify Raises Rs 6 Cr in Pre Series A Round to Facilitate Growth

[caption id="attachment_105881" align="aligncenter" width="701"] Zenify's Founders[/caption]

Zenify, a home aggregator and rental management startup based in Bengaluru has raised Pre-Series A funding of Rs. 6 crore from High Networth Individuals (HNI), who have a minor stake in Zenify. Zenify will use the raised funds to further expand their range of services in India and strengthen its team to compliment their capabilities.

The company had earlier raised Rs 4 crore in angel funding from Srikanth and Bharath from K12 Techno Service Pvt. Ltd & Atul Jalan, Founder & CEO of Mathan Software Service Pvt Ltd. Zenify, today has a total funding of Rs. 10 crore.

Sudarshan Purohit, Kailash Rathi and Ankur Agarwal, all an alumni of IIT- M, co-founded Zenify, which lists over 1700 properties available for rent across Bengaluru. The platform provides owners and tenants a hassle free system to find and rent an apartment. The company aims to standardise the market rental pricing by predicting the market value of each property listed on their portal.

Speaking on this, Sudarshan Purohit, Co-founder and CEO of Zenify says, “This is an exciting moment for us. Over the past few months we have been concentrating on developing new services to ease pain points of rentals in India. Today, India has an untapped market of 4.5 billion for Managed Home Rentals with 4 million unattended NRI properties. We strongly believe that the real estate industry has a lot of potential for change and growth and the impending years will bring about the required changes, the industry so greatly needs.”

He further added, “We have already witnessed a major shift in consumer behaviour. Over 90% of the rental property booking is being done online through Zenify. We hope to take our product to other tenants and owners across India and help solve the rental problems.”

The company foresees scaling its business across the major cities of the country in less than two years and becoming a prominent player in the rental segment. It is competing with the likes of 99acres, MagicBricks, Quikr, IndiaProperty and Grabhouse among others.

IIT-Madras Alumnus Founded Zenify Aims To Disrupt Managed Property Rental Market In India

The Indian real estate market is currently at its all time prime. This has made it a highly favourable market to rent rather than invest for the salaried service class people. Seeing this increase in demand, a new rental management company called Zenify.in has entered the market.

While big players like 99acres, MagicBricks.com along with Housing are already tapping real estate deals online, a managed house rental service in India remains untapped.

The Bangalore-based startup aims to provide a seamless rental experience to both, owners and tenants. They wish to do this by making optimum use of technology.

The current rental scenario is very bad in the country, posing a lot of problems for rental and tenant seekers. The company is working hard towards redefining this way in which property rentals are managed in India. With a unique online and offline offering, it is the only company in the country providing assured rentals and in depth property management services. From finding a tenant to managing a property to providing assured rentals, Zenify takes care of everything.

[caption id="attachment_101351" align="aligncenter" width="700"] (L-R) Sudarshan, Ankur, Kailash - Co-Founders, Zenify.in[/caption]

The company is the fruit of hard labour of three IIT-Madras graduates, Sudarshan Purohit, Ankur Agarwal and Kailash Rathi. Zenify's birth has an interesting story behind it. Immediately after college, the trio were comfortably settled in high paying jobs. But, as migrants to the city, they faced a hard time while trying to find a place on rent. This scratched their urge to start something of their own and solve the problem once it for all. And, that's how Zenify came into existence.

The company is very different from the sea of such companies available in the market. Zenify isn't like a typical listing platform. Unlike them, once a property is registered with the company, the owner gets an assured rental for the agreed time period between the tenant and the owner. If due to some reason the tenant decides to discontinue the agreement, Zenify will still continue to pay the rent even when the flat is vacant. The company also tackles all the maintenance related responsibilities and tenant complaints that arise during the agreed period.

This innovative company has also captured the interest of various investors. Zenify has received angel funding from Atul Jalan and Gana Yantrika Systems. Atul Jalan is the CEO and Founder of Manthan systems, which is the fourth successful venture of the serial entrepreneur. On the other hand, Gana Yantrika Systems Pvt Ltd is a privately held company which invests in companies with unique business models and uses technology to advance market access.

Zenify currently manages 1500 crore worth of properties in Bangalore. In the next three years, they're planning to expand to all Tier 1 cities across the country.

The closest competitor of Zenify in India is NestAway which also manage rental poperties however, unlike Zenify, it is more of managing shared accomodation/rental properties and at Nestaway everything happens online - from showing the house to approving tenants, completing agreements to collecting rent. Nestaway is backed by Tiger Global and Flipkart.