Bangalore-based property portal YourOwnRoom – an online rental startup for singles – has raised an undisclosed amount of seed funding from angel investors, according to a company statement.
YourOwnRoom was launched in February 2016 and founded by Prabhat Kumar Tiwary, an alumnus of Stanford Business School, Sachin Joshi and Dr. Rewat Laxman. The seed funding comes courtesy of angel investors from the US and India, the money helping to contribute to the portal, which currently operates across Bengaluru and Pune.
Ravi Chaturvedi, a former group chief executive of Jet Airways, has invested in the startup and says the portal's ethos is a recipe for success.
"YourOwnRoom's mission is to consistently deliver a delightful customer experience to the renter and build a trusted relationship with the home owners, thus creating great value for all the stakeholders," Chaturvedi said. "That is the recipe for building a sustainable, differentiated business in a cluttered space."
Portal co-founder Prabhat Tiwary said he was excited about the company's partnership with its investors, which also includes Aditya Kandregula - a US-based angel investor and a senior executive in a technology company.
“We are super excited by the value and experience our investors bring to the table and look forward to their association” Tiwary asserts.
"The residential rental market in Metros is highly fragmented, unorganised and, frankly, not dedicated to delighting the customer on the demand side. And the people who rent out their premises worry about property's security and sustained returns," he says.
The funds raised will be primarily utilised in property acquisition, developing technology further and boosting the portal's marketing and sales endeavours. Keeping in mind the millennial audience they cater to, digital marketing strategies will form the company’s core focus.