A home rental technology company FastFox has raised Rs 10 crore in Series A1 round led by Lightspeed, Blume Ventures and others. One of the co-founders of the startup Pallav Pandey also contributed Rs 1.93 crore in the current round.
Founded by Pallav Pandey and Mukul Bhati in November 2014, the online-to-offline firm raised Rs 30 crore form Lightspeed India Partners, Blume Ventures, CyberAgent Ventures, GrowX Ventures, and IMJ Investment Partners in its Series A financing in April 2016.
In 2015, it raised Rs 6 crore alone from Lightspeed Ventures as part of its seed funding.
The startup which claims to have more than 2500 flats that are available for rent in Gurugram works by forming a partnership with offline brokers to list residential properties online for rental purposes.
The company earlier have used its funding to work on process improvement and back-end algorithms to improve the matchmaking process.
The company which only operates in Gurugram for now is hoping to expand to more cities in India. The company deals in houses rent above Rs 15000. It has more than 160 people working as staff members.
The rent brokerage firm competes with QuikrHomes, Housing.com, and MagicBricks, 99acres and others. They believe that they are different from others in a way that they are not a marketplace.
The founder of FastFox also founded BroEx, the application that helps one broker contact another broker, thus creating a mega network of brokers.
According to KPMG report, the market size of residential rental and resale brokerage in top 20 cities in India is estimated to grow to $17 billion from $12 billion in next 5 years.
(Note: The development was first reported by Paper.vc)