Founded in July 2015 by three IIT Kanpur graduates – Nikunj Batheja (CEO), Jatin Mitruka (COO) and Aakash Verma (CTO), tech-based real estate company Homigo has raised $200,000 in its seed round. The funding comes from individual investors some based out of Bengaluru and some abroad. However, their names are still undisclosed.
Homigo focuses on bridging the gap between the demand (of live-able houses) and the supply (houses available on rent) in an organized manner. It take up houses on rent from owners and turn them into ‘Homigo Houses’ by furnishing them with all relevant items and appliances. Besides furniture and electronics, the startup also takes care of minor household objects like cutlery, utensils etc., and management of electricity, Internet and other services, to make it convenient for people to move into new homes. It also claims to manage flatmate compatibility.
“Working bachelors these days don’t want to invest in furnishing the houses they rent. As they are not sure of their duration of stay in that particular city. With Homigo houses people can enjoy the comfort for a nicely furnished house without actually investing in them”, said Nikunj about the idea behind the startup.
The company plans to reach around 10,000 beds in the coming one year spread across Bangalore, Hyderabad, Pune and Chennai. With this funding, it plans to expand only in Bengaluru and aims to reach 500 beds. The startup is planning to launch its app very soon and will be integrating a lot of services at one place.
“The data that we will be accumulating will help us in catering to the exact requirements of new users. In coming time you will see the use of data analytics that has never been done in the shared renting industry before and this will really set us apart from all other companies in the same space.” added Nikunj.
Besides furnishing the apartments put on rent, the company also takes care of the management between Flatmates, landlords and tenants. It tries to make the tenants save on brokerage, security deposit and also the end term painting/repair charges that owners cut when they leave the house.
Until now the online real estate sector was mainly about property search on online classifieds, where users got an option only to look for houses and apartments. Off late since a trend of sharing spaces has come up, (With AirBnB and Lyft being two leading examples) startups like Flatchat, Flatmate has come up which allows users to select their roommates first and then the apartments. Online real estate space is evolving with the change in consumer behaviour, and one can possibly expect more such initiatives rising up in the near future.