Bengaluru-based home aggregator and management startup Zenify plans to expand to eight more cities, including Mumbai and Delhi, in the next five years.
"We are currently managing 2,200 properties in the Bengaluru market. But now we will expand our horizon to other top metros and plan to have 1.5 lakh properties listed on our platform," company CEO and co-founder Sudarshan Purohit told PTI.
The company plans to expand to eight more cities, including Mumbai, Delhi, Surat, Ahmedabad, Chennai, Kolkata, Hyderabad and Pune in the next five years.
The online firm is also planning to list 1.5 lakh properties on its platform by 2021.
"We will be also raising USD 5 million in 'Series A' funding, which will be utilised for this expansion as well as for building our brand and technology enhancement. We are currently in talks with few investors, but we will not be able to define the period by when we will raise the funds," Purohit said.
Zenify.In, which provides an end to end solution to owners and tenants by automating the process of rental management, has so far raised angel funding of Rs 4.15 crore in 2015 and Rs 6 crore in 'pre-Series A' funding in May this year.
Explaining the business model, he said that once a property is registered with Zenify, the owner gets an assured rental for the agreed time period.
"In return, the owner pays us one month of the pre-determined rent as our fees. In our model, if the tenant discontinues the agreement, we continue to pay the rent even when the flat is vacant," he added.
He also said that the company is eyeing a revenue of around Rs 500 crore in the next fives years.
"We hope to do nearly Rs 3,500 crore worth of transactions over the period and earn revenues of up to Rs 500 crore in the next five years," he said.
