ZiffyHomes

ZiffyHomes operates as a technology-driven home rental marketplace, positioning itself as a provider of managed shared accommodations for young professionals in India. The company was founded in May 2015 by Sanchal Ranjan and Saurabh Kumar, who identified a growing demand for quality, convenient rental housing among urban millennials. Ranjan, an alumnus of NITK Surathkal with a consulting background at KPMG and Deloitte, and Kumar, an IIT-Kanpur graduate with experience in investment banking at SBI Capital Markets, launched the venture to address inefficiencies in the rental market. Salil Agrawal later joined as a co-founder.

The business model targets the $11 billion residential rental market in India by acting as an intermediary between property owners and tenants. ZiffyHomes offers ready-to-move-in, furnished rooms for long-term stays, eliminating brokerage fees and simplifying the rental process through its online platform and mobile app. The service portfolio includes amenities such as Wi-Fi, laundry, and housekeeping, alongside features like online rent payment and app-based service requests. Revenue is generated through a commission-based, revenue-sharing model with property owners. The company charges a 30% commission on the total rent if it furnishes the property, and a reduced rate of 15% if the owner furnishes it themselves.

ZiffyHomes secured a total of $434K in funding over three rounds, including backing from prominent investors like Y Combinator and DS Group. Its journey includes several strategic acquisitions to consolidate its market position. In February 2018, it acquired FellaHomes, adding 800 rooms to its inventory and expanding its capabilities into more affordable, bed-wise bookings. This was followed by the acquisition of Nivaasa in April 2018, which helped the company expand into the premium apartment category. However, the company faced significant challenges during the COVID-19 pandemic, reporting an 80-85% decline in business, leading to deferred payments to vendors, staff pay cuts, and discussions of potential bankruptcy.

Keywords: home rental, co-living, property management, real estate marketplace, shared accommodation, rental solutions, proptech, managed apartments, tenant services, online rentals