Pune based rental property management startup Cozilla has been acquired by building materials trading company BuildTraders in an all-stock deal.
The whole Cozilla team will be absorbed and its current rental property management operations in India will be phased out.
BuildTraders was launched in April 2016 to remove the hassles associated with building a home for both individuals and builders in a highly fragmented and disorganised supplier market.
Based in Bangalore, founders Ranjeet Gakhare and Ashwin Srivastava are still in the process of expanding online.
They say BuildTraders is currently working to supply building materials and advice to construction projects based on the budget of builders or builder-owners.
“BuildTraders is aiming to provide one stop solution for the procurement of construction materials in the Indian market in the form of of selected quality curated products and appropriate guidance," Gakhare says.
"We are also on the lookout to expand our top management team and aim to expand to the UAE in the near future.
"With the acquisition of Cozilla, BuildTraders has gained a strong team that was already working in the real estate segment."
Founded in 2015 Cozilla provides rental property management solutions specific to the young, single male market. Its technology enabled platform offers fully furnished homes on sharing basis with zero brokerage charges.
For property owners, the team delivers timely rental payments and verified tenants.
Bootstrapped to date, founders Yogesh Pawde, Aditya Joshi, Shubham Choudhary and Ranjeet Gakhar claim Cozilla has achieved 100 per cent MoM growth over the last six months.
It has more than 100 customers per month with an average monthly revenue of INR 5 Lakhs (US$7,435) at the time of its acquisition.
According to a PwC report accessed by Inc42, the Indian construction industry is the second largest contributing industry to India’s GDP.