Elara plans to use its capital and expertise to expand FastFox’s offering to other markets in India.
Elara Technologies, which owns Housing.com, PropTiger.com and Makaan.com, on Monday announced the acquisition of rental brokerage platform FastFox.com. The company has been valued at a little under `100 crore at the time of acquisition.
“With this acquisition, Elara has entered the online-to-offline home rentals space, which has a market opportunity of over `20,000 crore. The addition allows Elara to offer a comprehensive end-to-end service to landlords and tenants, thereby ensuring a significant improvement in consumer experience,” Elara said in a statement.
FastFox.com is an online-to-offline (O2O) brokerage firm that works in partnership with other brokers and landlords to list residential properties online for rental purposes. It allows home seekers to check pictures and access in-depth information about available properties. Its investors include Lightspeed Venture Partners and Blume Ventures.
Beyond listings and search, the company helps schedule house visits to enable quick closure with the landlord. It uses technology to ensure that homes listed on FastFox.com are authentic and available for immediate visit and closure.
FastFox pioneered the ‘Open House’ model for rentals in India, in which a house is open for viewing by home seekers for a scheduled period of time. This makes the process of renting convenient for landlords, potential tenants and brokers. It has also built a proprietary matching engine powered by data and machine learning, which ensures that only relevant home seekers go for house visits enabling faster closing of transactions.
At present, FastFox.com operates mainly in Gurgaon and has grown significantly in the last twelve months to capture nearly 5% share of the home rentals market in the city. Elara plans to use its capital and expertise to expand FastFox’s offering to other markets in India.