Mumbai-based GetSetHome, an online platform that manages and provides accommodations on rent, has raised $1 Mn in a seed funding round from Mumbai-based VC firm Mistry Ventures. The startup plans to use this capital to accelerate growth by expanding its presence into new micro markets, enhancing its platform and UX to strengthen its customer presence in Mumbai and Pune, where it currently operates.
Founded in 2014 by Junaid Shaikh, Shabnam Virani and Muddassar Virani, GetSetHome offers fully furnished accommodations on a shared and non-sharing basis on rent.
The startup primarily serves students and professionals relocating to and within these cities. Junaid claimed that to date, the startup has helped over 12,000 individuals secure accommodation and that all its partner properties run on more than 90% occupancy rate.
GetSetHome aims to increase its user base to 50,000 within the next two years.
Finding rental accommodation often involves dealing with a fragmented brokerage system, high upfront payments, extensive travel and accommodations that lack amenities.
To streamline this house-hunting process, the trio set up GetSetHome. It allows users to explore homes through verified photos and book accommodations directly.
Further, the startup claimed that it improves rental yields of residential real estate assets for property owners, including developers, from a typical 2% industry standard to an average of 6%.
Junaid noted that once properties are listed, owners are relieved from frequent broker calls and showing properties to potential tenants.
Additionally, property owners listing with GetSetHome are freed from the burden of follow-up calls for timely rent collection and navigating complex documentation, among other responsibilities.
While talking to Inc42, Junaid said, “Over the last few years, we have leveraged our understanding of the rental ecosystem and demand trends in different micro markets to develop a robust rental stack solution.”
GetSetHome provides rental solutions utilising AI, ML and big data for insights on micro market demands, predictive analytics and matches property owners with suitable tenants and conducts risk assessments. The startup stands in competition with other startups like Ishtara, Stanza Living, Nestaway, Zolo, among others.
Commenting on the investment in GetSetHome, Zahan Mistry of Mistry Ventures, said, “GetSetHome’s technological and operational capabilities address key pain points for tenants and owners within the rental ecosystem. Their strength is their ability to use capital efficiently which they have demonstrated through the pandemic. This shows the resilience of their business model. With a strong leadership team in place, we are excited to partner with them in their next growth phase.”
Mistry Ventures was founded in 2018 by late Cyrus Mistry and is currently led by Ashish Iyer , the firm’s managing director. Mistry Ventures funds startups across various stages to aid their growth and scaling efforts. The venture capital firm has made investments in diverse sectors such as D2C, SaaS, agritech, among others.
Poised to be a $1 Tn opportunity by 2030, India’s proptech sector has seen remarkable growth, with coliving being one of the key drivers. Early players like NestAway, Zolostays and Coho, all launched in 2015, have been pivotal in harnessing technology for growth in this specialised market.
Investments in Indian proptech startups have also soared, with $4 Bn being raised between 2009 and 2022. For instance, since launch, Zolostays has raised a total of $98 Mn in funding, while Stanza Living has raised a total of $227 Mn. Meanwhile, NoBroker became the first unicorn in proptech after it raised $210 Mn in 2021.
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