Zenify: A Platform Offering Holistic Rental Solutions to Both Tenants as well as Owners

Founded in 2012 by Sudarshan Purohit, Kailash Rathi and Ankur Agarwal, Zenify.in, is a Bangalore- based startup which offers rental solutions to property owners and tenants–from finding a tenant to managing a property to providing assured rentals. The platform attempts to redefine the way property rentals are managed, with the help of analytics and design.

zenifyThe platform not only lists properties, but also undertakes repair work and maintenance of each flat ensuring the tenant does not go through much hassle. ”Our aim is to manage the entire process of locating a tenant, managing the property and rent payment”, maintained Surdarshan.

The startup’s vision is to solve all home rental problems by providing end to end solutions for owners and tenants.

Services Offered by the Platform

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  1. It helps to do away with the property visit for the owners and the tenants. Tenants can view the property online without making a property visit and book their property with a market rent.
  2. The company performs a tenant screening, and the report is then shared with the owner before handing over the occupancy.
  3. It drafts a standard rental agreement between owner and tenants and as mentioned above, manages the end to end property management –From repair ,painting, electrical issues etc.
  4. The platform collects the monthly rent, and hands it over to the owner. It has replaced the traditional method of paying rent by cash or cheque with online payment system.

How is it Different from Ziffyhomes, RentSetGo etc? What is its USP?

“The existing players in the market try to solve the property discovery problem, apartment finding problem, finding a shared apartment, but nobody provides an end to end comprehensive rental solutions for the owner and the tenants which is only done by zenify.in,” said, Kailash Rathi.

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Traction Details

The platform has over 1500 apartments with more than 20,000 registered users.

Technology Employed in the Business

As stated by Ankur, the platform relies heavily on statistical modeling and machine learning algorithms to solve various problems like predicting the rent of an apartment, predicting demand in a locality.

The company claims to be using the latest technologies in web and mobile to power its front end. “At the back-end, we have complex event driven workflows to model the entire rental cycle. This helps us ensure great customer experience”, he said.

Business Model

The property owner hands over the property to Zenify. The latter then takes an exclusive right over the property by signing a power of attorney to rent it. There onwards, its Zenify’s responsibility to make sure that the property is live on its website with all the necessary details. Tenants can book the property online and a rental agreement is then signed between both the parties.  Following the process, the platform becomes the point of contact on behalf of the owner regarding everything.

Monetization Model

Zenify charges a month’s rent for every year as a service fee from the owners. For tenants, it’s completely free and without any brokerage. Notably, if the tenant discontinues the agreement, Zenify continues to pay the rent to the owner even when the flat is vacant.

Funding Status

The company had raised Rs 4.15 crore in Angel funding in 2015.

Scope and Future Plans

“There are 4 million unattended NRI properties in India and this sector has a $4.5 billion market for managed home rentals. We intend to capture a large part of this market. We aim to have 6000 listed properties on our portal by the end of the fiscal year. By 2020, we hope to be present in other cities”, said the team.

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