Bangalore-based real estate portal Pin Click that does everything that a traditional agent would do but with technology – making, finding a home to rent or buy easier, has raised pre series A round of funding. The startup had raised its seed funding in 2013, and the amount was used to build a “process driven” distribution network for property advisory vertical in both Bangalore & Pune. The current infusion of capital will be used to build the rental vertical across both cities and at the same time work on technology and product development.
Founded in November 2013 by Puneet Kinra, Manik Kinra, Shivani Gupta, Abhijit Bhole and Shaishav Kumar, Pin Click enables customers to get more value than “just listing platforms” through its business model of full service agents & buyer focused technology solutions. Currently the company is present in Bangalore & Pune. It consists of a team of around 100 advisors.
Real estate industry is fragmented & probably amongst one the largest and most revenue generating industry in India, which means there are people trying to solve independent problem statements in different fashions with an overlap on each others territory. Which means anyone in process of selling and renting is a competitor – from professional set ups to independent agents.
However for Pin Click’s property advisor side of business, Indiahomes, Square Yards and Proptiger are the three players which are much older in business than it and have a much wider reach currently. For rental the startup do both shared accommodations and managed rental solutions there by competing with Nestaway and Zenify both.
“Amongst all of this we are probably the only player doing both verticals thereby enabling us to cross leverage the strengths from developer relations to landlord acquisition. We are also working on building deep technology infrastructure to support the distribution teams across both verticals with an intention to automate as much as possible while continuing to depend on service based model to ensure fulfilment, says Pin Click’s Co-founder Manik Kinra while talking about the company differentiation factors.
The firm claims that it has around 500 customers buying property through the website in last few years and that number is growing month on month. On the rental side the startup is already managing more than 50 properties in Bangalore.
The company is working on a “no brokerage” model to the buyer which means all advise, support is free of charge to the buyer. It charge the seller for enabling the transaction.
Going forward, Pin Click will spend next 6 months to strengthen its current position in the two markets it is present for property advisory business, while scaling up rental solution (both managed rental and shared accommodation) in Bangalore.
Commenting on the problems faced by the venture, Manik added, “While the macros are in favour of real estate, the market hasn’t been too favourable for us to grow rapidly. On the other side, that has enabled us to grow step by step and hence build a very strong process driven foundation.
As the industry is very competitive and fragmented, building strength and commanding respect across stakeholders isn’t the easiest. We thereby focused on spending over 15 months in Bangalore before adding another city to ensure our learnings and processes lead to a strong foundation and in process build a strong brand in the city.”Category Investments News