FastFox claims to have over 2,500 home listings on its platform. The company plans to use the funds to scale up geographically.
FastFox, Gurgaon-based home rental company, has raised 10 crore INR in an add-on round to series A, from existing investors Lightspeed venture Partners and Blume Ventures. The round also saw participation from one of its co-founders, Pallav Pandey, contributing 1.93 crore INR.
The company had previously raised 30 crore INR from the Lightspeed and Blume Ventures in 2016, raising another Rs 6 crore in a seed round from the latter in 2015.
Founded by Anshul Gupta, Mukul Bhati, and Pallav Pandey in 2014, the company enables home seekers to check pictures and in-depth information, enabling them them schedule visits, a meeting with the house-owner/caretaker and then rent them. The company is a online to offline brokerage firm that works in partnership with brokers to list and rent rental properties
FastFox claims to have over 2,500 home listings on its platform. The company plans to use the funds to scale up geographically. The startup further claims to monetize through a brokerage model, where it charges customers after a successful deal. Further, the firm doesn’t deal in houses with rent less than 15,000 INR.
The startups parent company Oku Tech which owns BroEx, an exchange platform to help brokers find other verified brokers with inventory to enable faster deals.
According to the 2011 census, there are over 11 million vacant homes, with 800,000 unsold. The IMF estimates the housing unit shortage in India to be 19 million. The $20 billion residential rental market includes $13.5 billion in urban areas, $800,000 million in rural areas and over $5.7 billion in vacant NRI property brokerage
The real estate’s contribution to the GDP is expected to be 13 percent in another 10 years. While the size of the market is expected to touch $853 billion that year.
According to a recently published KPMG report, every year almost 10 million people move to urban areas with a demand of rented and new properties. The global residential brokerage market is pegged at $200 billion each year.