February 22, 2024: Prop-tech Company YourOwnROOM signs a $2 Million Partnership with Agser BuildTech Pvt Ltd for their Residential Projects in Bangalore.
The $2 million partnership was signed between Agser BuildTech Pvt Ltd and YourOwnROOM that will have YourOwnROOM as the designated Residential Rental and Property Management partner, responsible for offering end to end PropTech based rental and property management services.
Agser BuildTech Pvt Ltd and YourOwnROOM have signed a partnership where YourOwnROOM will be the designated Residential Rental and Property Management partner offering end-to-end PropTech-based rental and property management services.
Abhi Homes in Devanahalli, Bangalore, located 10 km from Bangalore International Airport and 6 kms from Devanahalli business park phase, is the first project to be undertaken by the partnership. Abhi Homes is 10 km from Bangalore International Airport and 6 kms from Devanahalli business park phase. It comprises 248 units of 2 bedroom G + 4, sizes 810 to 865 sqft flats. Work is underway to hand over these units in May 2024.
In addition, this partnership will also include Agser Homes – Malur, Bangalore which is located 2.5 KM from Malur Railway Station, 1.5 KMs from Manasa Bharani Hospital, 1.4 KMs from Govt Hospital and 3.5 KMs from Orchid International School – is another project that the partnership will undertake. This comprises 331, 1-bedroom units of size 695 to 755 sqft & 2 bedroom units measuring 908 to 980 sqft. 56 units in one block are getting ready for handover in May 2024.
Agser Buildtech Pvt Ltd is committed to providing budget value homes to the customer through its two unique projects Abhi homes at Devanahalli Bangalore and Agser Homes at Malur. Bangalore Our partnership with YourOwnROOM will bring in a plethora of opportunities for the clientele who are looking for our apartments purely from investment perspective as YourOwnROOM as a professional rental service provider will be able to fulfill that gap & make it easier. We look forward for a long- lasting relationship with YourOwnROOM.” – R. V. Shiva Reddy, Managing Director
YourOwnROOM will be the Proptech Residential Rental and Property Management partner for these Projects and will offer professional multiyear rental & property management services resulting into continuous cash flow, superior rental yields and capital appreciation for the homeowners. On the other hand , this partnership will help in increasing homeowner satisfaction and winning their confidence, which in turn will translate into higher reference business. The total Rental value of this deal across 5 years is estimated to be Rs. 17 Crores or $2 M for YourOwnROOM.
The real estate market of Bengaluru is growing exponentially, backed by steady demand and launch of good projects and infrastructure development like BIAL, Metro expansions, flyovers and SEZ/TechParks, However we continue to see a huge gap between Demand for safe, secure and convenient homes near offices and supply in Bangalore especially for folks in their early career. We are super excited to partner with Agser BuildTech Pvt Ltd and offer our prop-tech rental and property management solutions to the Retail HomeOwners at the Point of Sale. I would also like to thank Mr. Prashanth Srinivas CEO @ Tesseract Management Consulting (TMC) for facilitating this deal. Tighter Partnership with Developers and Propcos is one of our core GTM strategies and will set the momentum for our Growth in 2024- 25 and beyond,” adds Prabhat Kumar Tiwary, Founder, MD & CEO, YourOwnROOM.
In Dec-2023, Rushmore Estates, Co-Founded by Alok Kumar Singh (IIML, IIT- BHU) and YourOwnROOM, Co-Founded by Prabhat Kumar Tiwary (Stanford GSB, BIT Mesra) had signed a $4 million partnership to build studio pads for single professionals in Bangalore and offer Proptech Rental and Property Management Services.
About YourOwnROOM YourOwnROOM is a prop-tech residential real estate rental & property management company with a vision to deliver higher economic returns to both individual & institutional property owners over the property lifecycle. Its Asset Under Management is 1 million square feet valued at over Rs. 400 crores ($50 M) spread across 400 properties in Bangalore and Pune.
YourOwnROOM has raised $1.3 Million till its seed round and is currently raising Pre-Series-A capital. The Investment will be deployed towards sales and marketing, working capital, and upgrading technology platform.
December 11, 2023: Rushmore Estates, Co-founded by Alok Kumar Singh (IIML, IIT-BHU), and YourOwnROOM, Co-founded by Prabhat Kumar Tiwary (Stanford GSB, BIT Mesra) have signed a $4 million partnership to build studio pads for single professionals in Bangalore and offer Proptech Rental and Property Management Services. The project will come up in the IT belt in and around the city, and the idea is to build a high-quality personal dwelling that is self-sufficient in all forms – be it easy access to the workplace or reasonable rentals.
Rushmore sees this as an opportunity to cater to an audience of individual investors and homeowners, by offering a compelling financialized residential real estate product in the range of Rs. 20-35 lakh.
In Bangalore’s 1.5 million strong IT Industry, around 45-50% professionals are in the age category of 21 to 27 years with less than 5 years of work experience and there’s a large demand for high quality, purpose-built mid-term stay studio apartments for them. – Alok Kumar Singh.
Over the next 5 to 7 years, Alok and Prabhat shall explore the possibility of developing 8-10 projects around the core IT belts in Bangalore with an aggregate of 7,500-10,000 single dwelling units for this segment. Enabled by YourOwnROOM’s PropTech Rental and Property Management Solutions, the asset owners would benefit from higher rental yields and capital appreciation.
The Illustrated Image of Sarjapur Project, Bangalore
The first project is 30 minutes from the Wipro Corporate Office in Sarjapur and close to RGA Tech Park, Prestige City, and Bellandur Junction. The Project, valued at around Rs. 200 Cr., is spread across 5 acres in Sarjapur. This comprises 630 units wherein 2 blocks are for studio apartments, 2 blocks for 1 BHK apartment, and 3 blocks for 2 BHK apartments. These Apartments will be ready for possession starting April 2025 in a phased manner.
YourOwnROOM is the Exclusive Rental and Property Management partner for this Project and will offer professional multiyear rental & property management services resulting in continuous cash flow, superior rental yields, and capital appreciation for the homeowners. The total rental value of this deal across 5 years is estimated to be Rs. 34 Crores or $4 million for YourOwnROOM.
Since the inception of YourOwnROOM, we’ve seen a huge gap between Demand for safe, secure, and convenient homes and supply in Bangalore especially for folks in their early career. We are super excited to partner with Alok Singh and Rushmore to identify and create high quality supply and offer our prop-tech rental and property management solution to the Retail HomeOwners at the Point of Sale. This is also setting the blueprint for our sustainable future profitable growth in 2024 and beyond, adds Prabhat Kumar Tiwary.
About Prabhat Kumar Tiwary
Prabhat Kumar Tiwary – Founder, CEO, and MD – YourOwnROOM
Prabhat is an alumnus of Stanford Business School and the Founder, CEO, and Managing Director of YourOwnROOM, a prop-tech residential real estate rental & property management company. YourOwnROOM’s Asset Under Management is 1 million square feet valued at over Rs. 400 crores ($50 M) spread across 400 properties in Bangalore and Pune. YourOwnROOM has raised $1.3 million in investments from investors in the US and India.
Before this, he was Sr Vice President at Xchanging (DXC) and has worked in senior leadership and management positions in building and managing P&L and Delivery of up to $100 million at Hewlett-Packard, MphasiS, Zensar, Ness, ARI, and Wipro. He also holds a bachelor’s degree in Computer Engineering from the Birla Institute of Technology, Ranchi.
About Alok Kumar Singh
Alok Kumar Singh – Co-founder, Rushmore Estates
Alok Kumar Sigh, an MBA from IIML & an Engineer from IIT-BHU, has earlier been the Co-founder of Azure Capital Private Equity & Azven Realty Ventures. Before getting into real estate, Alok held senior-level positions in Infosys, Infosys BPO, Microland, QVC Realty, and Tata Motors.
Rushmore Estates, Co-founded by Alok Kumar Singh, is a Bangalore-based full-service real estate development firm and is currently developing/incubating multiple residential projects in Bangalore.
Buying, selling, and renting property has always been a hectic task for people. So, to help people manage their property better, PropTech (property technology) has come to the rescue. PropTech uses information technology to address and transform the various needs of the real estate industry.
Prabhat Kumar Tiwary is someone who is making an outstanding contribution to the field of PropTech in India. He is the founder, CEO, and CMD of YourOwnROOM, a PropTech residential real estate rental and property management company, headquartered in Bengaluru. YourOwnROOM’s Asset Under Management is 1 million square feet valued at over Rs. 400 crores ($50 million) spread across 400 properties in Bengaluru and Pune.
In this article, learn more about Prabhat, his successful journey, career, challenges, and more.
Prabhat Kumar Tiwary – Biography
Name
Prabhat Kumar Tiwary
Founder of
YourOwnROOM
Startup Founded in
2016
Citizenship
Indian
Education
Stanford University, Birla Institute of Technology, Ranchi
How YourOwnROOM is Taking on India’s Co-Living Market?
Prabhat Kumar Tiwary – Education and Career
Prabhat is an alumnus of Stanford Business School with over 26 years of experience in technology enterprises and startups. He is the Founder, CEO, and CMD of YourOwnROOM, a prop-tech residential real estate rental & property management company with a vision to deliver higher economic returns to both individual & institutional property owners over the property lifecycle.
He has worked in senior leadership and management positions in building and managing IT Services P&L of up to $100 million at Xchanging, MphasiS, Zensar and Hewlett-Packard. He also holds a Bachelor’s Degree in Computer Engineering from Birla Institute of Technology, Ranchi.
Prabhat is immensely passionate about advising and helping technology-based startups build and grow. He brings rich experience, expertise, learnings and a network as a board member or board advisor to several emerging startups and likes to advise and work with them to scale them exponentially and profitably with solid fundamentals. He is known for advising companies like College Counselling Coach, Your Green Canvas, and Jomiso.
When asked if he got a chance to start his career again, what would he do differently? Prabhat said, “Well, I would have started my startup journey much earlier, which would have increased my risk appetite.”
Prabhat Kumar Tiwary – Professional Life
Over the last 6 years, Prabhat has been the CEO of YourOwnROOM. They have a very lean management structure at YourOwnROOM and, therefore, he also oversees growth and investments. He supports his operations and commercials teams and also his technology team by providing guidance and oversight. They have a regimental Tuesday and Friday sales, ops, and tech review.
Prabhat’s colleague Sanjay Singh is the Chief Operating Officer and Chief Technology Officer. He and Sanjay work very closely with his Accounts and Company Secretary teams, whose work has been outsourced.
Our Core Business is run on YourOwnROOM Proptech Platform that my Technology team has built. The tool also integrates with multiple systems including CRM, IVR, Payments, Project management, KYC etc., said Prabhat Kumar Tiwary, Founder, CEO, CMD, YourOwnROOM.
Monday to Saturday is usually very hectic for Prabhat. He puts in 10–12 hours a day of work as there is a lot of work to do.
Prabhat starts his day early and spends a few minutes planning for the entire day and the week ahead. His weekends are for meeting friends, and he dedicates his Sundays to his family. Before sleeping, Prabhat says that he watches videos and news for a good 30 minutes. Also, he likes to go out for dinners and social catchups and finds them very re-energising.
Prabhat Kumar Tiwary – Productivity Hacks
Prabhat said, “I am a big fan of Apple devices. I love their hardware and software, and they tremendously increase my efficiency and never let me down.”
He uses a MacBook Pro and a couple of the latest iPhones and keeps all the devices synced. He relies heavily on Microsoft Office tools and Apple productivity tools like Reminder, Notes, Calendar, and Mail. He and his team also use WhatsApp extensively to share updates and collaborate.
Prabhat Kumar Tiwary – Challenges Faced
Prabhat had multiple failures, more at a micro level than at a macro level. He is someone who sees failure as an opportunity for new learning. As stated by him, “Every time I fail, I reflect, fix my game, register the learning, and move on. I look at failure as a step to success.”
Prabhat Kumar Tiwary – Inspiration and Beliefs
As stated by Prabhat, “Of all the folks, my professors at Stanford Business School during my Sloan Master’s program have left a very lasting effect. Especially my professors who taught strategy, operations, leadership, and entrepreneurship. Their understanding and appreciation of various business insights and knowledge has tremendously helped me shape my beliefs and ideas.”
“Revenue is Vanity, Profit is Sanity and Cash is Reality.” – This is one of the most simple and powerful quote I have come across and every time I am reviewing my business I remind myself of the same. This helps me stay grounded and focused. Every time I see a company fail or struggle it reminds me of the above quote. It is so simple and powerful, said Prabhat.
FAQs
Who is Prabhat Kumar Tiwary?
Prabhat Kumar Tiwary is the Founder, CEO, and Managing Director of YourOwnROOM, a prop-tech residential real estate rental & property management company.
When did Prabhat start YourOwnROOM?
Prabhat started YourOwnROOM in the year 2016.
What does YourOwnROOM do?
YourOwnROOM is a prop-tech residential real estate rental & property management company with a vision to deliver higher economic returns to both individual & institutional property owners over the property lifecycle.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by YourOwnROOM.
Searching for a new place to stay has always been a struggle for everyone. But now the times are changing and the days when you had to look for a broker and roam around the entire city to find a new home for yourself are going away.
Now, to help you with all this, PropTech (property technology) is driving transformation and efficiencies in residential real estate. PropTech is all the tech tools that help real estate brokers, developers, and agents fine-tune the way in which you buy, sell, rent, or manage a property.
YourOwnROOM is a PropTech residential real estate rental and property management company founded in 2016. It is an online platform where both tenants and owners can find and display places.
In this article, discover more about YourOwnROOM, its story, industry, founders and team, business and revenue model, and more.
YourOwnROOM is a residential real estate PropTech rental and property management company. It was incorporated in February 2016. The PropTech platform enables onboarding and management of residential assets in multiple formats including co-living homes, alternate assets, and family homes.
YourOwnROOM – Industry
Residential RE Rental Market is $13.5 billion as per Primus Partners, 2020 and the Shared Living market is $6.4 billion with a penetration of only 2.5%with demand being fueled by migrant millennials moving to cities. Coliving,Student Housing and senior homes will be the new reality growth drivers. Demand will continue to be fueled by Migrant Millennials.
Real estate as a sector is the backbone of the Indian economy and its market size is expected to reach $1 trillion by 2030. Real Estate will grow to a $650 billion market size by 2025, growing at 19.5% CAGR, contributing to 13% of our country’s GDP and generating 75 million jobs, and almost 1/6th of this is going to be residential real estate.
The recently approved Model Tenancy Act will help bridge the trust deficit between tenants and landlords by clearly delineating their obligations and will eventually help unlock vacant houses across the country. It is a big step towards institutionalising Rental in India.
Prabhat Kumar Tiwary – Founder, CEO, and CMD of YourOwnROOM
YourOwnROOM was founded by Prabhat Kumar Tiwary, along with Sachin Joshi and Rewat Laxman, with a deep interest in Entrepreneurship, Business and Technology.
Prabhat Kumar Tiwary is the CEO and Managing Director and drives growth. He is an alumnus of Stanford Business School. In addition, he is also the COO. Sanjay Singh is the Chief Operating Officer and Chief Technology Officer.
The total team size is about 25 across Bengaluru and Pune, with the bulk of the team based out of Bengaluru. YourOwnROOM has a very flat organisational structure where each team member has access to the founders and leadership team. YourOwnROOM has a mix of senior leaders, experienced team members, and freshers. About 60% of the team includes freshers from various colleges.
Advisors and Mentors
The team is extremely fortunate to have some very accomplished Industry leaders who have invested in them and provide strategic direction. This includes Ravi Chaturvedi from the US who is a former president of P&G, K Narasimha Murthy who is the co-founder of a health tech company based out of the US and Venkat Shiv Dasari, who is a senior executive for an MNC IT services company.
YourOwnROOM – Startup Story
“We initially started YourOwnROOM to solve the challenges faced by singles while looking for a decent place to live. However, what got us even more intrigued is the bigger picture” says Prabhat Kumar Tiwary, Founder,CEO, and CMD, YourOwnROOM.
YourOwnROOM’s core belief is that it will no longer be just about the Asset.The Real Value of the Asset will unfold when you apply a tech-based service wrapper on top of the Residential Asset and channel it to the right unmet demand. PropTech-based Rental and Property Management companies like them will play a critical role in the next 5 years in driving transformation and efficiencies in Residential real estate.
YourOwnROOM’s vision statement says, “Our vision at YourOwnROOM is to deliver higher economic returns to our Residential Real Estate Property Owners over the Property Lifecycle using our Proptech-based Residential Rental & Property Management Solutions.”
YourOwnROOM – Name and Logo
YourOwnROOM Logo
YourOwnROOM considers tenants as their primary consumers with Homeowners, Developers, and Vendors as partners in delivering the services. The logo brings focus to 3 things – home at the epicentre, location, and vibrant colours which resonate with their young millennial tenants and homeowners.
YourOwnROOM – Product and USP
YourOwnROOM acts as a trusted custodian of residential assets for property owners and offers multi-year rental and property management services to them. It helps them get continuous cash flow, higher rental yields and higher capital appreciation from their residential assets. Their rental management services include finding KYC-verified tenants, drafting and executing rental agreements, move-ins, rental collection, service request management, renewals, and exit settlements.
Their property management services include property onboarding, offboarding, audits, maintenance, and project management across painting, interiors, and civil work. The company partners with PropCo companies and Developers as Asset Managers to increase the sales velocity, rental yields, and capital appreciation of their residential asset portfolio.
The company’s biggest differentiator is its prop-tech platform. It integrates their golden execution capabilities and helps them deliver better management for their Asset Owners and a better living experience for consumers. This provides it with the foundation to profitably scale its business across multiple cities and multiple residential asset formats.
YourOwnROOM – Business and Revenue Model
YourOwnROOM’s core business is automated and runs on its PropTech Platform which is also one of the startup’s biggest differentiators. In addition, it uses several tools to manage CRM, IVR, and Ticket Management. The startup has also built an integration with KYC systemsand various payment gateways. YourOwnROOM also has an online method to sign agreements with its tenants, owners and vendors.
YourOwnROOM Revenue and Business Model involve 3 steps:
1. Onboard Property
It signs a 3-5 year MoU with owners to manage their propertyand rentals. With developers and propcos, it signs a 5-7 year MoU for the same.
YourOwnROOM onboards the property on its PropTech Platform and conducts quality assurance checks.
It gets into an arrangement with the owner and seeks 30-45 days to rent out the property to tenants.
YourOwnROOM assists the owner to onboard the property by conducting a quality check, helping with repairs, and helping procure furniture and appliances.
2. Onboard Tenant
YourOwnROOMactively scouts for suitable tenants, run marketing campaigns and organizes site visits.
It books a tenant and signs a rental Service Agreement. This is done between the tenant, owner, and YourOwnROOM
It then onboards the tenants into the property.
3. Engage Tenant and Asset
The tenant will pay a fixed rental to YourOwnROOM through the tech platform.
YourOwnROOM pays rent to the Owner minus its commission.
In addition, the tenant pays for admin and move-out charges and service requests (requests for repair work and other complaints) after 14 days.
YourOwnROOM manages service requests, audits, renewals, exits, and refills.
The owner and tenant interact with YourOwnROOM using the technology platform, which includes the interactive tenant and owner dashboards.
YourOwnROOM acquired its initial 100 tenants mainly through word of mouth, social media sales, and a strong direct sales team. Getting customers to buy their business model was key, as co-living in the early days was a developing concept with only a few options. The company’s initial inventory was of very high quality and located just 15 minutes from the business parks, which accelerated the sales process.
YourOwnROOM – Challenges Faced
“Most challenging part of our business was to build long term trustamong our tenants and homeowners” says Prabhat Kumar Tiwary, Founder, CEO, and CMD, YourOwnROOM.
The real test of the business was to have repeat customers. For the first 2 years, YourOwnROOM focused heavily on picking the right asset, managing the same and servicing its tenants. This built great trust among tenants and homeowners which was key to building long-term associations. Today most homeowners sign over 5-year rental and property management contractswith YourOwnROOM.
YourOwnROOM – Growth and Turnover
The company’s Asset Under Management is 1 million square feet valued at over Rs. 400 crores ($50 million) spread across 500 properties in Bengaluru and Pune. YourOwnROOM’s annualised revenue run rate is about Rs. 10 crores. It is operationally profitable and will be EBITDA positive in the next 3-4 months. Post that, the company is looking for a multi-city expansion which will help fuel its growth.
YourOwnROOM – Funding and Investors
YourOwnROOM has raised a total funding of $1.3 Million from Angles in US and India.
Date
Stage
Amount
Investors
2019
Seed
$1.3 million
Angels – US and India
YourOwnROOM – Awards and Recognitions
YourOwnROOM received several awards. The most prominent ones are:
It was an honour for YourOwnROOM to get recognized by International Brand Equity in the India Properties Award – 2020 as the Best Coliving Company in South India. The award was felicitated by Senior Politician Tanveer Ahmed. Grabbing the award for best Coliving company in India in one of reputed India’s National Real Estate Awards platforms is proof of the credibility of the company.
Your Own Room Received ETNow Award 2019 for Excellence in Real Estate as the Company of the Year (Co-living Spaces). This is one of the most significant achievements for the company in Real Estate.
YourOwnROOM received Paul Writer’s 50 hottest Brand for 2019. YourOwnROOM was proud to share the stage with Brands like Swiggy, BYJU’S, BigBasket and the like.
Over the last 6 years, they have built a well-established business model, growth, profitability, governance, and brand. This has stood the test of time, especially COVID. It also built a Proptech platform that will drive operational consistency and performance and allow them to profitably scale across cities, offerings, and asset formats.
Increase the sales penetration of rental and property management services in Bengaluru and Pune.
Offer Property Manager Tech Services to PropCos, Developers, and Channel Partners to exponentially scale.
Expand their presence in Hyderabad and Chennai.
Upgrade features and UX of Proptech Platform (Portal, Mobile App & BPE) and make it SaaS enabled for Property Managers to manage multiple asset formats.
To support the company’s growth, they are planning to raise a Series-A investment. The company is looking for strategic and institutional investors who can provide them with the capital, connections, and guidance to scale their business. Investments will fuel growth and they plan to invest in developing their offerings, adding new cities, new partnerships, digital marketing and taking their PropTech Platform to the next level.
FAQs
What is YourOwnROOM?
YourOwnROOM is a residential real estate PropTech rental and property management company. The PropTech platform enables onboarding and management of residential assets in multiple formats including co-living homes, alternate assets and family homes.
Who founded YourOwnROOM?
YourOwnROOM wasfounded by Prabhat Kumar Tiwary, along with Sachin Joshi and Rewat Laxman,with a deep interest in Entrepreneurship, Business and Technology.
When was YourOwnROOM founded?
YourOwnROOM was launched in 2016 and is headquartered in Bengaluru.
How much is YourOwnROOM’s turnover?
YourOwnROOM has an annualized sales turnover of Rs. 10 crores ($1 million approx).
Who are YourOwnROOM’s competitors?
YourOwnROOM has the following competitors in the market:
