Looking for office or retail space for rent or sale in India? PurpleYo Technologies, a niche start-up will do the job for you in an efficient and transparent manner.
Looking for office or retail space for rent or sale in India? PurpleYo Technologies, a niche start-up will do the job for you in an efficient and transparent manner. This 55 people-strong Bengaluru-based venture, incorporated in 2015 by Karan Chopra and Amit Banerji, is trying to replace the old way of finding offices; it is essentially a Big Data and analytics platform for the real-estate sector, providing information to those having a commercial real-estate requirement.
In the course of business, PurpleYo realised that office seekers, especially SMEs and MSMEs, also look for allied activities like funding assistance (for paying the deposit, etc) and other assistance like fit-outs and hiring at certain levels. In the first month itself, PurpleYo received funding queries for about Rs 1,200 crore from office seekers. Till today, it has assisted more than 250 offices set up across India.
Co-founder Karan Chopra recalls the early days. “We started out in 2015 as a commercial real estate managed marketplace, by 2017 PurpleYo has emerged as an end-to-end business solutions managed marketplace providing solutions for commercial real estate, business finance and business recruitment services to over 25,000 corporates and SMEs across India.”
PurpleYo is a self-funded start-up (while it may be looking to raise fresh funds) which is generating good revenue as well on a monthly basis. Chopra explains that once it receives a request from a client, the request is converted into a transaction on the company’s proprietary transaction management system (ClamHub) and assigned to the right fulfilment partner. PurpleYo gets requests for over 2,000 office searches and business loan requests for over Rs 2,000 crore every month.
PurpleYo uses technology to segregate these requests, filter requirements so that the requirements can be assigned to the right fulfilment partners. “We receive 300-400 new business requirements on a daily basis for our diverse services with bulk of the demand originating from the SME segment. The requirements come from Bengaluru, Hyderabad, Chennai, Ahmedabad, Pune, Mumbai, Delhi, NCR and Kolkata,” says Chopra. The demand is sector-agnostic as service requirements come in from industries such as manufacturing, service oriented companies, IT companies, retail businesses, food and food service companies, start-ups, he adds.
PurpleYo’s financial solutions is a fintech platform that understands the details of the loans required and accordingly assigns the loan application to the right bank or financial institution, thus maximising the chance for its clients to get loans at the best rates and in the fastest possible time period.
As the demand for co-working space is witnessing a sharp rise in many cities, PurpleYo has launched TableSpace, a serviced office spaces solution which is challenging the idea of traditional workspace by giving corporates, SMEs, freelancers, entrepreneurs and travelling executives access to advanced work spaces without the cost of a lease and all the hidden extras that go with it. At TableSpace, companies can take from a minimum of one seat going up to 100 or more seats.
Chopra emphasises that PurpleYo is aiming to emerge as the single largest player in the office solutions place with consistent focus on offering tech-enabled solutions that make finding, setting up offices, getting business finance and continuing business a hassle-free experience.