New Delhi, Delhi, India/News Voir//– The 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, has 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 US$2 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.
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.
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% to even 100%, 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.
Speaking on the occasion, Digendra Singh Rathore, CEO and Co-founder at Fella Homes 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.
About Fella Homes
Fella Homes is a branded chain of rental homes. It is a next-gen property management company, founded by IIT Roorkee & Stanford alumni – Virender Pratap Singh, Yadwinder Paul Singh, Digendra Singh Rathore, Kunal Singh & Amit Gupta in 2015. Being synonymous to hassle-free and quality living, the company aims to standardize the entire experience of finding and living in a rented home with the use of technology enabled product and services.
The idea sparked after realizing the gap in the home rental market. It’s highly painful and inefficient process of finding and living in a rented house. It demands lot of time, energy and money from an individual and negatively affects the personal and professional growth. The founders saw an opportunity to remove this pain by overcoming the barriers of inconvenience & trust-deficit and ensuring standardization within budget.
The idea behind starting the venture was to entirely change the experience of finding and living in a rented house by creating a technology enabled network of ready-to-move rental homes with quality and standardized amenities, so that the millennials can choose and live in a home within the budget with minimum hassles and no brokerage.
Fella Homes started with an initial investment from founders. Then the company raised a seed investment of USD 2 million early this year. The company is based out of Gurgaon with operation in Delhi NCR (Delhi, Noida, Greater Noida, Ghaziabad, and Gurgaon) with pan-India expansion plans on the horizon. The company intends to expand in all metro cities by December 2017 with a network of 5,000+ homeowners and 25,000+ tenants. Adding on to the list of achievements this year, Fella Homes acquired Noida-based home rental startup LifePad in an all-cash-deal. The acquisition helped them understand the Noida market and also strengthened the team.
Fella Homes: Ready to Move-in Rental Homes
