Fastfox.com: AI-powered startup aims to suggest best properties to users

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New Delhi | Published: September 24, 2018 1:23:34 AM

FastFox was started in 2016 by Pandey along with Mukul Bhati who is the chief technology officer of the venture. It has raised funds close to $7 million from LightSpeed India Partners and Blume Ventures.

Our biggest USP is the Open House framework which makes it very easy for consumers to check and visit the property they like without any hassles. This is the easiest way to rent a house. — Pallav Pandey, CEO & co-founder, FastFox.com

It isn’t easy finding a house to rent in any of the metros in India, much less in the other big crowded cities that attract thousands of young professionals every year. While there are countless brokers at every street corner, they don’t inspire much confidence with their somewhat unprofessional approach. And while it is certainly easier to browse through the many rental portals, the huge number of listings with minimal information leave the potential tenant even more confused.

Gurgaon-based rental start-up FastFox.com is trying to change this with dollops of artificial intelligence. Its recommendation engine suggests the most appropriate properties to each customer by analysing 108 diverse data points and leveraging sophisticated technologies. Based on these 108 data points for each house, and customer profile, FastFox’s algorithm throws out the best options for customer. Its Open House framework unlocks the chosen houses for their visit during designated hours. Customers can use the FastFox App to visit all options themselves. If they are ready to close, FastFox helps them with the paperwork. Anyone visiting a property can also share their feedback by scanning the QR code via the FastFox app and get discounts.

“On an average, a person looking to rent a house has to visit 14 properties over a period of 12 days through five or six different brokers. Even the online marketplaces are of little help since about 84% listings on such platforms are bogus. These marketplaces, moreover, generate revenue through paid listings by the brokers onboard and take zero responsibility for the customer experience. Ultimately, a customer has to interact with multiple brokers, wander for days, visit multiple properties, and often settle with for a house not befitting their requirements, out of sheer frustration and exhaustion,” says Pallav Pandey, CEO & co-founder, FastFox.com. “Our biggest USP is the Open House framework which makes it very easy for consumers to check and visit the property they like without any hassles. This is the easiest way to rent a house.”

FastFox was started in 2016 by Pandey along with Mukul Bhati who is the chief technology officer of the venture. It has raised funds close to $7 million from LightSpeed India Partners and Blume Ventures.
Over one lakh customers have been serviced by FastFox, with more than two lakh tenants and owners using the platform. Target customers primarily comprise young couples, families, and digitally-active working professionals. Primarily focused on Gurgaon, it has recently started offering flats for rent in Pune also. At present, the annual rent paid is more than $20 million for properties sourced through it every month. The start-up charges a service fee for those closing the property through it. FastFox sources real time information on available rental homes from its partner brokers and affiliates with local relationships and operations. For thse local brokers who partner with FastFox to share inventory details in their location of influence, FastFox is a reliable source of regular monthly business.

“We strictly follow the ‘no-bogus listing’ approach and conduct a stringent verification of property, which is often time-consuming, before listing it on our platform. We are focused more on depth than breadth,” says Pandey. “We’re soon going to expand to Delhi, Mumbai and Bengaluru.”

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