Gurgoan-based tech-enabled rental brokerage platform FastFox has secured $4.6 Mn (about Rs 30 Cr) in its Series A round of funding from venture capital firms Lightspeed India Partners, Blume Ventures, CyberAgent Ventures, GrowX Ventures, and IMJ Investment Partners.
The new funds will be used in improving its technology solution, perfecting its service delivery model, and expanding the team to engineering, sales, and operations. Previously, in 2015, the startup raised Rs. 6 Crore from LightSpeed India Partners.
Anshul Gupta, co-founder at FastFox said:
The new round of funding allows us to work a lot on process improvement and fine-tune our backend algorithms to improve the matchmaking process. It is an evolution, requiring trial and error, and we will be investing significantly in technology and engineering.
FastFox.com is an O2O (Online to Offline) rental brokerage company based out of Gurgaon. The platform allows home seekers to check pictures and in-depth information about 1000s of real time available properties, schedule house visits finalize with the landlord. It uses technology to ensure that 100% of the homes listed on FastFox.com are authentic and available for immediate visit and closure.
It reportedly has more than 2,500 home listings available for renting immediately. All these properties have verified photographs of the house, and the locality around. They also give other details like whether the property is available for Bachelors or not or if the landlord is okay with pets.
FastFox.com also professionally assists the customer through the search experience in arranging home visits and helping through owner negotiations. Overall the idea is to make the home search experience for the customer transparent & predictable from online search to home visits to move-in paperwork. It charges customers for successful closure.
Before the company was acquired by OkuTech, a real estate-focused IT firm and runs broker networking app BroEx, it was known as the Professional Brokers. BroEx is a business-to-business (B2B) mobile application that brings real estate brokers across the country on one platform for easy sharing of secondary market inventory data among them. It is operational in Delhi-NCR, Bengaluru, Mumbai, Ahmedabad and Pune.
Pallav Pandey, co-founder and CEO at BroEx, elaborating the concept of the FastFox said that in India, 27% of urban families (approximately 20 Mn) live and spend a whopping $32 Bn on rent. He further added that FastFox handholds the customer on the entire journey from online discovery of options to field visits to negotiation with landlord and subsequent paper-work.