This rental marketplace offers furnished properties to tenants while promising a fixed rent to homeowners.
The complex nature of finding a place to live, in addition to a fully furnished one with all essential requirements, prompted Jatin Mitruka and Nikunj Batheja to start Homigo.
Homigo is a marketplace where homeowners can list their properties for rent. Homigo does the furnishing for the house. It earlier required the homeowner to furnish the property but now does the furnishing itself. Nikunj Batheja, co-founder, Homigo, said that this was to ensure a standard quality in all the properties it hosted. “This gives us complete control of the overall look and feel as well as the quality of work. We can decide on the theme and designs that will look good. We can optimise space, etc.,” he said.
The house is eventually listed on the marketplace after the property meets all the necessary criteria such as power and gas connection, furnishing and cleanliness. The company is present in only Bangalore as of now but plans to expand into Hyderabad and Pune in the next 10-15 months. It currently has 2,000 beds live with another 500 beds in the pipeline. The company provides a fixed rent to the homeowners who have listed their properties on the platform even if they are not able to get a tenant. The rent which an occupant pays to Homigo includes charges for WiFi, DTH, electricity, television and cooking gas.
Homigo competes with a host of other startups who operate different business models but target a similar audience. While all these startups provide living spaces, they differentiate themselves on the price range at which the living spaces are provided and the additional features offered to the tenant included with the rent. Two of Homigo’s prime competitors are Zolo Stays and Nestaway. Zolo Stays provides a similar offering as Homigo but caters to multiple price points. Nikunj says Homigo is focused on the mid-segment market with its properties starting at around Rs 10,000. Nestaway Technologies has around 25,000 homes and 50,000 tenants but lacks standardisation in their living spaces and doesn’t provide any additional services along with its rent as done by Homigo or Zolo Stays.
Nikunj says that bed occupancy keeps changing but is usually around 85-90%. He added that the company closed FY17 with `16.5 crores in revenues. The startup had raised its latest round of funding in January 2017. Livespace CEO Anuj Srivastava and Mebelkart CEO Rahul Agarwal are some of the investors in Homigo.