GetSetHome, an innovative online platform specializing in managed rental accommodations, has successfully raised $1 million in a seed funding round. Led by Mumbai-based VC firm Mistry Ventures, the funding is set to propel GetSetHome’s expansion plans and solidify its position as a leading player in the managed rental space.
Founded in 2014 by Junaid Shaikh, Shabnam Virani, and Muddassar Virani, GetSetHome has been a disruptor in the rental accommodation sector. The startup focuses on providing fully furnished accommodations on both shared and non-sharing bases, catering primarily to students and professionals relocating within or to Mumbai and Pune.
Strategic Utilization of Capital
Armed with the newly acquired $1 million, GetSetHome is gearing up for accelerated growth. The startup plans to expand its footprint into new micro markets while simultaneously enhancing its platform and user experience. Currently operational in Mumbai and Pune, GetSetHome aims to fortify its customer presence and broaden its user base to 50,000 within the next two years.
The rental accommodation process often involves navigating a fragmented brokerage system, high upfront payments, extensive travel, and properties lacking essential amenities. GetSetHome aims to streamline this house-hunting ordeal by empowering users to explore verified homes through photos and book accommodations directly on its platform.
Enhancing Returns for Property Owners
GetSetHome doesn’t just cater to tenants; it also focuses on improving the rental ecosystem for property owners. The platform claims to elevate rental yields for property owners, including developers, from the industry-standard 2% to an impressive average of 6%. Property owners listing with GetSetHome benefit from reduced broker interactions, alleviating the burden of frequent property showings and complex documentation.
Leveraging the power of AI, ML, and big data, GetSetHome provides advanced rental solutions. The platform offers insights into micro market demands, employs predictive analytics, and facilitates tenant-owner matches with risk assessments. This technological edge positions GetSetHome as a frontrunner in providing tailored and efficient rental solutions.
Competition in the Proptech Landscape
GetSetHome faces competition from other players in the proptech sector, including Ishtara, Stanza Living, Nestaway, and Zolo. However, with its unique approach and commitment to user-centric solutions, GetSetHome is poised to make a significant impact in this competitive arena.
Zahan Mistry of Mistry Ventures expressed confidence in GetSetHome’s capabilities, emphasizing that the startup effectively addresses key pain points for both tenants and owners within the rental ecosystem. The endorsement from Mistry Ventures, a prominent investor in various sectors, underscores the potential and viability of GetSetHome’s business model.
Prospects in the Growing Proptech Sector
Mistry Ventures, founded by the late Cyrus Mistry and currently led by Ashish Iyer, is at the forefront of funding startups across diverse sectors. The proptech sector in India is witnessing exponential growth, poised to become a $1 trillion opportunity by 2030. Coliving, a significant driver in this sector, has experienced substantial growth, with early players like NestAway, Zolostays, and Coho contributing to the evolution of the market.
GetSetHome’s successful seed funding round marks a pivotal moment in its journey to redefine rental accommodations in Mumbai and Pune. With a strategic infusion of capital, technological prowess, and a user-centric approach, GetSetHome is well-positioned for significant growth. As the proptech sector continues to thrive in India, this funding round underscores the investor confidence in the potential of startups that leverage technology to address longstanding challenges in the real estate and rental landscape. GetSetHome’s trajectory aligns with the broader evolution of the proptech sector, reflecting a robust and promising future.