Indian proptech startup, GetSetHome, specializing in managing rental accommodations, has successfully raised $1 million in seed funding from Mistry Ventures, a Mumbai-based venture capital firm. The newly acquired capital is earmarked to fuel the company’s growth by expanding into untapped micro markets and enhancing its platform and user experience, with a specific focus on strengthening its customer base in Mumbai and Pune, where it currently operates.
Founded in 2014 by Junaid Ahmed, Shabnam Kadwani, and Muddassar Virani, GetSetHome offers fully furnished accommodations for both shared and non-shared living arrangements on a rental basis. Catering primarily to students and professionals relocating within or to these cities, the startup boasts a track record of assisting over 12,000 individuals in securing housing, with partner properties maintaining an impressive occupancy rate of over 90%.
The company’s objective is to further expand its user base to 50,000 within the next two years. Recognizing the challenges in the rental accommodation search, such as fragmented brokerage systems, high upfront payments, and subpar amenities, GetSetHome aims to streamline the house-hunting process. Users can explore homes through verified photos and book accommodations directly through the platform.
In addition to benefiting tenants, GetSetHome claims to improve rental yields for property owners, including developers, from the industry standard of 2% to an average of 6%. Listing properties on the platform relieves owners from constant broker calls and property showings, while also handling follow-up calls for timely rent collection and navigating complex documentation.
Junaid, co-founder of GetSetHome, stated, “Over the last few years, we have leveraged our understanding of the rental ecosystem and demand trends in different micro markets to develop a robust rental stack solution.” The startup utilizes AI, ML, and big data for insights into micro market demands, predictive analytics, and matching property owners with suitable tenants, as well as conducting risk assessments.
Commenting on the investment, Zahan Mistry of Mistry Ventures said, “GetSetHome’s technological and operational capabilities address key pain points for tenants and owners within the rental ecosystem. With a strong leadership team in place, we are excited to partner with them in their next growth phase.”
Mistry Ventures, founded in 2018, is led by Ashish Iyer and funds startups across various sectors, supporting their growth and scaling efforts. India’s proptech sector is anticipated to be a $1 trillion opportunity by 2030, with coliving emerging as a key driver of growth. Notable players like NestAway, Zolostays, and Coho, launched in 2015, have played a crucial role in leveraging technology for growth in this specialized market. Investments in Indian proptech startups have surged, with $4 billion raised between 2009 and 2022.
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By Proptechbuzz
By Ravi Kumar