Home Rental Service Startup, ZiffyHomes today announces the acquisition of Nivaasa, a Gurgaon-headquartered home rental platform, for an undisclosed amount. The acquisition will help Ziffy to expand in the premium category apartments across India, given that they are currently based in Delhi NCR. The company had earlier acquired competitor Fella homes this year to become one of the largest aggregator of Exclusive Rental Properties in Delhi NCR.
Nivaasa, which currently operates in Gurgaon, Delhi, Mumbai and Bangalore offers a professional way to rent a home. The startup created its own furnished living spaces and provides a house hunting service to home seekers looking for rentals in the open market. This apart, it also provides furnished and rental homes to people and allow them to customize the amount of furniture they desired to rent.
Nivaasa was founded in 2016 by Louis Pereira, Reuben Noronha and Gaurav Sood. Prior to starting Nivaasa, the three founders have worked in the consulting industry at Bain & Co., McKinsey & Co, and Essex Lake Group.
Focussed on targeting the millennials, Sanchal Ranjan, CEO at ZiffyHomes commented, “A huge increase in rental numbers is changing how people think about furnished spaces. There’s a sense of ‘I’m not sure where I’m going to be in three years so I’m not going to buy a lot of furniture’. This acquisition will help us target these millennials spread across the major metro cities in India. We want to define luxury as an experience rather than ownership. Taking our journey one step further, we are excited to welcome Nivaasa team and their customers to ZiffyHomes family.”
Talking about the acquisition, Louis Pereira, Co-founder at Nivaasa said, “Besides sharing a common vision with Ziffy Homes, we were impressed with the team they’ve put together to make that vision a reality. We’re happy to join hands with them and be a part of their journey to make it easier for more people to find great living spaces to rent."
The acquisition is an all cash deal where all the properties and assets of Nivaasa will be on boarded by ZiffyHomes. They would be taking over the Business, Sales and Operations part going forward. Further, while customers would be able to avail extensive set of benefits which are the part of ZiffyHomes platform, House Owners will be provided with Property Management tools for better accountability of their rental returns on the property.
With rising incomes, increased exposure to global housing standards and features and frequent movement across cities for employment, the Indian rental consumer is becoming more demanding in terms of good amenities, quality interiors and in well-connected and respectable localities.
ZiffyHomes, had recently raised seed funding of ₹ 2 Crores from Individual investors. The round was led by Bikky Khosla, Angel Investor and CEO at TradeIndia.com and Anirudh Agarwal, Managing Director at Shree Sharda Group. The current acquisition will add 12 Community Hubs to ZiffyHomes’ rental business in Gurugram. The Ziffy Technologies platform currently has close to 2,000 Rooms along with exclusive supply of around 500 studio apartments listed on it across Delhi/NCR.