To add greater depth to its ability to acquire quality rental inventory at scale, FastFox.com, a renting platform, has announced the acquisition of Roofpik.com, a reviews and ratings platform for real estate industry.
Roofpik has more than 400 community experts spread across 299 projects, who have contributed to thousands of reviews. These community experts also allow Roofpik greater penetration into projects and neighborhoods ecosystems. FastFox offers a complete end to end home renting experience – with authentic property information online and enabling home visits offline. The acquisition is expected to strengthen FastFox’s efforts to directly source rental inventory from home owners across neighborhoods. Roofpik’s founders, Arpit Mittal and Divij Goyal will be working in a consulting role for the next three months to oversee the transition process and ensure seamless transfer of operations.
Describing the reasons behind the acquisition, Pallav Pandey, Co-Founder and CEO, FastFox.com said, “At FastFox, we are aiming to transform the Indian real estate sector by introducing the twin benefits of cutting-edge technology and organic inventory generation through online and offline sources. As we continuously try to strengthen our ability to source inventory online, Roofpik will enable us to tap into the peer-to-peer review network. Roofpik has developed a high-quality community of homeowners and residents across Gurgaon. It will be a great asset for FastFox as we try to build and increase our supply depth and boost our expansion plans into multiple cities.”
Arpit Mittal, CEO, Roofpik, added, "We see our vision aligning with FastFox.com to provide a complete, hassle-free experience to customers finding homes. Roofpik’s real estate reviews and vast network of community experts will definitely add substantial value to FastFox.com’s core value proposition."
FastFox.com aims to rejuvenate India’s stagnated real estate sector through the intervention of its two features- the largest pool of rental inventory options and best-in-class O2O technology. It adds more than 3,000 Gurgaon-based properties to its massive data pool every month, and partners with hundreds of dedicated offline agents to ensure this database remains updated while providing the best end-to-end service experience to millennial rental home seekers.
In April 2017, FastFox had raised $4.6 million (about Rs 30 Cr) in its Series A round of funding from Lightspeed India Partners, Blume Ventures, CyberAgent Ventures, GrowX Ventures, and IMJ Investment Partners. The company was founded in November 2014 by Pallav Pandey and Mukul Bhati.
Other startups operating in the real estate space include QuikrHomes, Housing.com, MagicBricks, Nobroker, etc.