Mumbai, India – In a significant move to redefine the landscape of house renting, Mumbai-based proptech startup GetSetHome has successfully secured $1 million in a seed funding round from Mistry Ventures, a prominent VC firm in the region. The startup, founded in 2014 by Junaid Shaikh, Shabnam Virani, and Muddassar Virani, has ambitious plans to utilize this capital to accelerate its growth by expanding into new micro markets and enhancing its platform and user experience. The focus remains on strengthening its customer presence in Mumbai and Pune, where it currently operates.
Revolutionizing the Rental Experience:
GetSetHome stands out in the proptech space by offering fully furnished accommodations on a shared and non-sharing basis for rent. The startup caters primarily to students and professionals relocating to and within Mumbai and Pune. Junaid Shaikh, the founder, stated that GetSetHome has already assisted over 12,000 individuals in securing accommodation, with partner properties maintaining an impressive occupancy rate of over 90%.
The startup’s mission is to increase its user base to 50,000 within the next two years, addressing the challenges often associated with finding rental accommodations. These challenges include dealing with a fragmented brokerage system, high upfront payments, extensive travel, and accommodations lacking amenities.
Streamlining the House-Hunting Process:
To streamline the house-hunting process, GetSetHome allows users to explore homes through verified photos and book accommodations directly. The platform aims to provide not only a seamless experience for tenants but also to improve rental yields for property owners, increasing it from the typical 2% industry standard to an average of 6%.
Junaid highlighted that once properties are listed on GetSetHome, property owners are relieved from frequent broker calls and showing properties to potential tenants. The platform also frees property owners from the burden of follow-up calls for timely rent collection and navigating complex documentation.
Investing in Technological and Operational Capabilities:
GetSetHome utilizes cutting-edge technologies such as AI, ML, and big data to provide rental solutions. The platform offers insights on micro-market demands, predictive analytics, matches property owners with suitable tenants, and conducts risk assessments. The startup competes with other players in the proptech space like Ishtara, Stanza Living, Nestaway, and Zolo.
Investor Confidence and Next Growth Phase:
Zahan Mistry of Mistry Ventures expressed confidence in GetSetHome’s technological and operational capabilities, addressing key pain points for tenants and owners within the rental ecosystem. He commended the startup’s ability to use capital efficiently, showcasing resilience during the pandemic. Mistry Ventures is excited to partner with GetSetHome in its next growth phase.
Mistry Ventures, founded in 2018 by late Cyrus Mistry, funds startups across various stages to aid their growth and scaling efforts. The venture capital firm has made investments in diverse sectors, including D2C, SaaS, and agritech.
Proptech Sector’s Phenomenal Growth:
India’s proptech sector, poised to be a $1 trillion opportunity by 2030, has witnessed remarkable growth. Coliving has emerged as a key driver, with early players like NestAway, Zolostays, and Coho playing pivotal roles. The investments in Indian proptech startups have soared, with over $4 billion raised between 2009 and 2022. Notable players like Zolostays, Stanza Living, and NoBroker have significantly contributed to the sector’s evolution.
