Gurgaon-based home rental startup Fella Homes which was founded in February 2016, took a major step by acquiring Noida-based rental start-up Lifepad, and has since grown immensely this year.
The acquisition occurred in an all-cash-deal and helped them understand the Noida market. The company raised a seed funding of USD two million from an undisclosed investors and utilised it in acquiring new properties and tenants, team building and product development.
The branded network of ready to move rental homes start-up aims to cater to a larger number of customers in 2017 with a network of 5,000+ homeowners and 25,000+ tenants. The company has recently already expanded its footprints in New Delhi (market) to provide its customers an access to a larger network of homes to choose from and plans to use the cash from its next round to expand and establish multi-city presence (Pan- India) to simplify the house hunt process.
Mr. Digendra Singh Rathore, Co-Founder and CEO, Fella Homes, said, "Fella Homes entered the Delhi rental market by launching premium segment of homes for expats / senior company executives and alike. With their Pan-India expansion on the horizon they will soon capitalize and introduce new segments targeting students, working professionals and expats."
"And, to facilitate and ensure the precision in the execution, the company has increased its employee base exponentially. Recently, the company has strengthened its core team by hiring across technology, operation and production division. As of November 2016, Fella Homes has 300+ rental properties amounting to 2000+ beds in Delhi NCR," he added.
The company is based out of Gurgaon with operations in Delhi NCR (Delhi, Noida, Greater Noida, Ghaziabad, and has witnessed an unprecedented growth and plans to expand in all metro cities by December 2017.
With an objective of the business model 'Next Generation Zero brokerage House Rental Solution' the startup provides fully equipped homes with furniture, appliances and kitchenware, rented on per bed / per room basis.
The bed rate starts at INR 6,000. In some cases, a certain part of the rent is fixed to vary from case to case, it ranges from 25 percent to even 100 percent depending on the location and the property condition.
Fella Homes not only focuses on solving the problem of quality assurance, but also the trust deficit and inconveniences that user faces while taking a home on rent.
Rathore, CEO and Co-founder at Fella Homes further said, "We understand the potential of this market and aim to organise the rental market through extensive use of technology. We focus on to connecting renters and owners by structuring the processes and build the bridge of trust."
He further added, "The company understands the struggle of finding furnished flats that are affordable especially for single men and women and hence plans to build a much-needed ecosystem for a large population. We manage everything that comes with moving into a new place from maintenance to managing rental collection and agreements to entire shifting process."
Post demonetization, the company is also promoting complete cashless transactions within their business flow where the tenants and homeowners can enjoy hassle-free transactions. This move will result greatly in injecting the transparency in the home rental eco-system which this sector was yearning from a long time. To push it even further, they have initiated one of a kind model through which other parties can make use of Fella Homes' platform to pay and receive rent payments, completely online, hassle- free.
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