Why buy a bike or a car when you can rent one? As per research, millennials do not like buying vehicles, especially when Uber and Ola are readily available in the market.
From simple bikes to luxury car rentals, everything is now available in multiple cities. The global rental market for bikes and scooters is projected to grow from $2.5 billion in 2019 to $10.1 billion in 2027.
The rise in demand for emission-free vehicles, stricter emission norms, and the growth in traffic congestion are increasing the demand for economical transportation.
So, if you want to earn money by launching a bike or scooter rental business in your city, this guide will walk you through all the essential steps.
How to Start a Bike and Scooter Rental Business to Earn Money in India
How to Start a Bike and Scooter Rental Business to Earn Money in India
When planning to set up your own bike and scooter rental business to earn money in India, it’s important to understand the step-by-step process you need to follow before launching.
Make a business plan
The first step to setting up your business is a proper business plan. By planning the total idea on pen and paper, not only do you give it life, but you also understand the steps involved in building your dreams into a reality.
The business plan will help you for multiple reasons:
Talk to banks to get business loans
Select the proper type of business you want to be a part of (eg, luxury bikes and scooters, second-hand rentals, etc.)
Locating a good area to set up your business
Identification of target market and audience
Set the necessary objectives required to make your business a success
Apply for the right licenses and registrations
Draw up a Company Summary
Your company summary will detail the specifics of the business. It should help answer questions such as – What is the essence of the product you offer? How does it benefit the customers? It should also contain the details of the type of business you plan to operate.
Here are some kinds of bike and scooter rental businesses:
City bike rentals: These are perfect for vacation destinations where people will want to explore the city on two-wheelers.
Rentals for work purposes: Long-term bike renting or leasing is growing in popularity as people are searching for alternatives to cars in bigger cities.
Premium bike rentals: These offer the experience of a luxury bike ride to niche market customers. These bikes can be rented out for special events like engagements and weddings.
Understand your competitors and find the right target audience
Before you start your marketing campaigns, it is important to understand your competition and the target audience. Your target market will be made up of people who have an active lifestyle and will want to rent a bike or scooter to help them get from one place to another.
It is also important to understand what your target audience wants, and this can be found in their reviews. The next step is to check for competition and find gaps in their marketing style. Try to stay away from locations where there are multiple competitors, as it might be hard to penetrate such a market.
Registrations required to start a bike and scooter rental business
To operate a bike and scooter rental company legally in India you will need to get the correct licenses and registrations.
Compliance with the 1997 Bike Renting Scheme and State Government Laws
ESI Registration
PF Registration
Licenses and Registration of all the vehicles you plan to use
Conducting a market analysis
It is important to develop a proper marketing plan from the beginning, as most rental businesses need to have this in place before opening their doors.
But your marketing efforts should be proportionate to your financial and commercial ability to serve customers. You do not want to over-promote your brand and then underdeliver to your customers.
One of the biggest decisions you will need to make before starting your bike rental business and earning money from your fleet is choosing the right type of business model. You can choose from the following two:
The aggregator model: Here, you act as a collector of bikes rather than an owner. You design a portal, and people who want to rent out their bikes or scooters can upload them onto your platform.
The biggest advantage is that you do not need to purchase any bikes, but it also means that you cannot control the types of bikes being rented out. I am running a few minutes late; my previous meeting is running over.
The owner model: In this model, you can purchase the bikes as per the target market and then rent them out. This way, not only do you control the quality of the fleet but also earn the entire revenue generated.
The importance of marketing cannot be overlooked, especially before opening the doors of your rental business. You want to attract as much attention as possible to keep people interested in your products and to spread a positive vibe.
When customers learn of your business and understand how it will help them, then half your work is already done.
Fix your Rental Rates
Setting the right rental rates is crucial if you want to maximize how much money you can earn renting your bike or scooter. Most rentals charge by the day, hour, weekend, and kilometre.
Here is where your competitor research will come in handy. Check how your competitors are charging and how customers react to their policies.
Then you can decide on a pricing strategy that will be designed to encourage customers to hire bikes and scooters for extended periods.
Build a team that can handle the business
When starting your bike and scooter rental business, you will need to have a team on your side to help run the business. These will include:
Mechanics: To handle the periodic maintenance of the bikes and for emergency support in case of mid-way issues. You can also get a third-party service, but they might not be available whenever you need them.
Marketing team: To help gain traction, you will need to have a proper marketing team. As marketing is a continuous process, you will need to hire someone full-time. It is best to look for someone who can handle both offline and online marketing for your rental startup.
Customer support team: To ensure that customers have someone they can talk to or share their grievances with, a customer support team is highly important. This extra service is what can differentiate you from your direct competitors.
So, it is very important to have a support team that can handle customer queries as soon as possible.
Conclusion
To set up and excel in a bike and scooter rental business, not only do you need to understand the market first, but also the needs of your potential customers. You need to properly analyze the market and then come up with a business plan that closes any gaps in the market.
Once you have these and a proper team in place, your business is ready to take off, and you can start making money by renting your bikes and scooters!
In today’s world, people are increasingly realizing the importance of accessing and utilizing products without the burden of long-term ownership. If you’re looking for a business idea that offers low investment and high profit potential, starting a rental or lease business is a smart move. With this model, you maintain ownership of the product while earning revenue from its usage.
The rental business is thriving as more and more individuals prefer renting over purchasing. It’s crucial to choose the right products to offer for rent, and conducting thorough market research is essential before diving in. In this blog, we will guide you through the process of starting a successful rental business. From identifying profitable product categories to understanding customer demands and marketing strategies, we will provide you with valuable insights and practical tips.
Discover the immense opportunities that exist in the rental and lease industry, where you can tap into the growing trend of people seeking access rather than ownership. Join us as we explore various product options and share valuable knowledge on market research, customer acquisition, pricing strategies, and more. Get ready to embark on a rewarding journey into the world of rental and lease business, where low investment and high profitability await. The rent business in India is growing rapidly, offering various opportunities for entrepreneurs in areas like office space, party supplies, and equipment rentals. Let’s delve into the details and uncover the key steps to launch your own thriving rental or lease business.
Air Conditioners Rental Business – Rental Business Ideas in India
Air conditioners are the modern convenience that has become essential to employ comfort and safety as well as for business improvement. It maximizes comfort. It also increases efficiency. It will help during summer days and boost up productivity. This air conditioning renting might be used for the customer like travelers, business people, function houses, and so on.
Starting an air conditioner rental business can be a lucrative venture, offering flexible solutions for individuals, businesses, events, and more.
Lets explore the advantages of starting an air conditioner rental business:
Cost-effective alternative to purchasing air conditioners outright.
Flexibility in terms of rental duration and usage.
Ability to scale and grow the business as demand increases.
Provides temporary cooling solutions for events, businesses, and individuals.
Reduces the financial burden for customers with seasonal or temporary cooling requirements.
Allows customers to try different models or brands before making a purchasing decision.
Provides prompt customer service and technical support.
Potential for recurring revenue through long-term rental contracts or subscriptions.
Apartment Renting Business – Rental Business Ideas in India
The real estate market is thriving, and the demand for rental apartments continues to rise as more individuals seek comfortable and convenient living spaces. The advantages of owning a rental property are few but it will be very much powerful. If everything is done well then one can make a lot of money from this business. And nowadays it is a wise business for an entrepreneur because most peoples search for apartment rentals. Renting an apartment can be one of the most profitable apartment business ideas.
Some of the advantages of an apartment renting business are:
Steady rental income providing financial stability.
Diversification of investment portfolio.
Tax benefits including deductions for expenses.
Potential for property value appreciation over time.
Control over property management for tenant satisfaction.
Ability to scale and grow the business by acquiring more properties.
Can generate passive income with proper management.
Allows for flexibility in adjusting rental prices based on market demand.
Houseboat Rental
Houseboat Rental Business – Rental Business Ideas in India
If you’re looking for a unique and profitable venture in the tourism and hospitality industry, starting a houseboat rental business can be an excellent choice. This is the advanced business technology in the market. This business has two options such as either you can purchase or offer it.
Advantages of houseboat rental business:
Unique and memorable experience.
High Demand in tourist destinations.
Opportunities for collaborations with local tour operators, travel agencies, and event planners to promote your houseboat rentals.
Lucrative Revenue Potential.
Flexibility in rental options.
Car Rental Business
Car rental Business – Best Rental Business in India
These days, car rental is one of the hottest industries. For people who require a vehicle on a temporary basis, renting a car is always a cheap and practical choice. Car rental is popular not just with vacationers, but also with businesses. Car rental is mostly used by travellers. One can move from one place to another place and discover many things with little cost.
There are many advantages of car rental business:
Freedom of movement
Money-saving
Quality of life
Comfort
Price
Affordability
Car Rental Bookings by Brand in India
Furniture Leasing and Renting for Babies
Kids Furniture Rental Business – Rent Business Ideas in India
This is the most valid rental business where parents buy furniture for a little period of time. When the baby grows up then this furniture will be useless that’s why parents prefer to rent the furniture. When it comes to customising a child’s room, there’s a lot you can do, and you don’t have to sweat it because renting saves a lot of money, time, and headaches.
Here are some of the advantages of renting furniture for your children:
Cost-effective
Hassle-free
Convenient
Long or short term
Flexibility
Coffee Machine Renting
Coffee Machine Rental Business – Rental Business Ideas in India
Coffee machine renting is one of the greatest ways to earn money in marketing. Nowadays coffee machines running one everywhere like offices, schools, colleges, coffee shops, hotels, restaurants, bakeries and so on. Coffee machine renting gives unrivalled flexibility. Renting a coffee machine change your mind. In this business. In this business maintenance and servicing is included.
Here are some of the advantages of Coffee machine renting business:
Low startup costs compared to purchasing coffee machines outright.
Access to a wide range of coffee machines to cater to different customer preferences.
Opportunity to upsell related products such as coffee beans, accessories, and maintenance services.
Can cater to various industries, including offices, hotels, restaurants, and event venues.
Conference Room Renting Business – Rental Business in India
As the travel and hospitality industry continues to flourish, the demand for conference venues and hotel accommodations remains strong. Starting a conference and hotel room booking business can be a profitable venture, connecting event organizers and travelers with suitable venues and accommodations.
Here are are the top advantages of conference and hotel room booking business:
Renting office equipment has become a popular choice for businesses of all sizes due to its cost-effectiveness, flexibility, and convenience. By opting for office equipment rental, companies can access the necessary tools and technology without the high upfront costs associated with purchasing.
When you are starting or growing a business, cash is often in short supply. One way to spend less is to lease essential office equipment instead of buying it.
There are many advantages to this business some are listed below:
Moving one’s furniture and appliances from city to city is a hugely complex and expensive process. People prefer rented furniture and home appliances like refrigerators, washing machines, beds, sofas, chairs, and other home essentials. Whether you have to buy or rent furniture and appliances depends on many factors. Few reasons for this business are cost-effective, hassle-free, flexible, and easy returns.
Here are are the top advantages of home appliances rental business business:
Provides a cost-effective solution for individuals and businesses who don’t want to invest in purchasing expensive home appliances.
Access to a wide range of appliances to cater to different customer needs and preferences.
Opportunity to offer additional services such as delivery, installation, and maintenance of the appliances.
Appeals to customers who have temporary or seasonal needs for specific appliances.
Eco-friendly option by promoting the reuse and sharing of appliances, reducing waste.
Opportunity to expand the business by adding new appliances and services based on market demand.
Book Rental Business
Books Rental Business – Rent Business Ideas in India
Renting books can be a profitable company because some individuals prefer to rent rather than buy a book they wish to read. They usually do it, especially if the books are only needed momentarily. Renting a book is less expensive than buying it. This is the perfect platform for clients who simply rent their books and earn profit easily. All types of books can be rented with a rental script. This is aone of the most profitable small rental business ideas.
Some of the benefits of book rental business are below:
Cost-effective alternative for avid readers who don’t want to purchase books outright.
Potential for recurring revenue through subscription-based models or membership fees.
Eco-friendly option by promoting book sharing and reducing paper waste.
Provides access to rare, out-of-print, or hard-to-find books that may be unavailable for purchase.
Appeals to students, travelers, and individuals who prefer not to carry heavy books.
If you have a passion for fashion, creativity, and making people’s special occasions even more memorable, starting a costume rental business can be an exciting and profitable venture. Costume rentals provide individuals and organizations with the opportunity to dress up in unique outfits for events, parties, theatrical performances, and more. The costume rental business will be very much beneficial. It is part of a continuously flourishing industry that presents many growth opportunities.
How to start costume rental business, some tips:
Find your target market
Figure out your costs
Secure funding for your startup
Create a Limited Liability Company (LLC)
Register for taxes
Open a business bank account
Build your costume rental inventory
Invest in an inventory management setup
Create an online costume rental store
Effectively manage your costume vendors
Some of the advantages of a Costume Rental Business:
Wide range of costume options for various themes, eras, and events.
Cost-effective solution for customers compared to purchasing expensive costumes.
Diverse customer base including individuals and organizations.
Seasonal peaks in demand during holidays and events.
Additional revenue opportunities through add-on services and accessories.
Collaborations with event planners and entertainment industry.
Flat Renting Business
The flat renting business involves leasing residential properties to tenants for a specified period in exchange for rental income. As a flat rental business owner, you acquire flats or apartments, either through purchase or lease agreements, and offer them for rent to individuals or families seeking accommodation.
In metro cities, the flat rental business is a huge opportunity. The capital which is needed for starting a flat rental business is less. This business is profitable in the area of suburban and metro cities and also people are looking for flats to live or work in.
To start a flat renting business, you need to consider factors such as location, property condition, rental rates, legal obligations, and market demand. Investing in desirable areas with good amenities, proximity to transportation, and a high demand for housing increases the likelihood of attracting tenants and generating steady rental income.
If you have a passion for decor, event planning, or interior design, starting a business that offers artificial trees and flowers on rent can be a creative and profitable venture. Normally these artificial trees and flowers are used in birthday parties, weddings, corporate functions, and so on. These are used in indoor and outdoor activities. People prefer to decorate parties with these artificial trees and flowers.
Advantages of renting artificial trees and flowers:
Low maintenance and long-lasting durability.
Wide variety of options for versatile design and customization.
Convenient and flexible rental options for events and decor.
No need for storage or disposal of real plants or flowers
Construction Equipment Renting
If you’re considering starting a business in the construction industry or expanding your existing services, renting construction equipment can be a lucrative opportunity. Renting construction equipment allows contractors, builders, and individuals to access the necessary machinery and tools without the significant upfront investment of purchasing them outright.
The benefit of construction equipment rental business:
Avoid the Initial Purchase Cost
Less Maintenance and Repair Costs
Shielding From Market Fluctuation
No Depreciation Costs
Project-Specific Rentals
Solve Equipment Storage Issues
Transportation Logistics
Video Game Renting
Video Game Rental – Rental Business in India
If you’re a gaming enthusiast and have a passion for sharing the joy of gaming with others, starting a video game rental business can be an exciting and profitable venture. With the increasing popularity of video games and the rising costs of purchasing new titles, many gamers are seeking affordable and convenient ways to enjoy a variety of games.
Advantages of a Video Game Rental Business:
Cost savings for gamers
Access to a variety of games
Convenience and flexibility
Early access to new releases
Try before you buy option
Fosters a gaming community
Additional services like console rentals and gaming events
Camera and Accessories
The camera and accessories business can be done in two ways one is online or another is offline. In this business, you not only provide a camera and but also lenses and light. At Birthdays, parties, weddings everyone needs to rent a camera to capture their best moments. This is why your camera rental business will always have customers drawn to it.
To make this business success some important points are as follows:
Keep the best inventory in stock
Showcase your products with an online store
Offer discounts and deals to attract customers
Create watertight agreements
Use the power of social media
Adopt rental inventory tracking software.
Toys Rental
Toys Rental Business – Rental Business Ideas in India
If you have a passion for toys and want to bring joy to children and families, starting a toys rental business can be a rewarding and profitable venture. With the ever-changing interests of children and the high costs associated with purchasing new toys, parents and caregivers are increasingly turning to rental services to provide their children with a variety of toys.
Advantages of a Toys Rental Business:
Cost savings for parents and caregivers
Access to a wide variety of toys
Developmental stimulation for children
Flexibility and convenience for customers
Space optimization for homes
Opportunity to cater to changing interests and preferences of children
Provides a unique and enjoyable experience for children
Medical Equipment Rental
Medical Equipment Rental – Rental Business in India
The medical equipment rental business is a highly promising venture in the healthcare industry. With the increasing demand for medical equipment and the rising costs associated with purchasing and maintaining such equipment, renting medical equipment has become a popular and cost-effective solution for healthcare providers and patients alike.
Advantages of a Medical Equipment Rental Business:
Flexibility in terms of equipment usage and duration
Maintenance and upgrades handled by the rental company
Lower risk of equipment obsolescence
Trial periods and training opportunities for healthcare professionals
On-demand availability to meet healthcare facility needs
Excellent customer service and technical support from rental companies
Vacation Home Rental
The vacation home rental business has gained immense popularity in recent years, driven by the increasing trend of travelers seeking unique and personalized accommodations. Renting out vacation homes has become a profitable and rewarding venture for property owners and entrepreneurs.
Advantages of a Vacation Home Rental Business:
Lucrative income potential
Flexibility for property owners to use the property themselves
Increased demand for unique and personalized accommodations
The luxury bus rental business offers a premium transportation solution for various purposes, including corporate events, group travel, weddings, and tourism. Renting out luxury buses has become a lucrative venture, catering to individuals and organizations seeking a comfortable and luxurious travel experience.
Advantages of a Luxury Bus Rental Business:
High demand for premium transportation services
Lucrative income potential with higher rental rates
Opportunity to provide a luxurious and memorable travel experience
Ability to target niche markets such as corporate clients and event organizers
Branding and reputation building in the transportation industry
Opportunities for collaborations and partnerships with industry stakeholders
Office Space Rental Business
An office space rental business can be highly profitable, particularly in areas with a vibrant business community. Post-pandemic, many companies have embraced work-from-home or hybrid models, creating a demand for short-term and flexible office rentals. Businesses now prefer these flexible options over investing in permanent office spaces. If you have a property that can be converted into office space, it presents a lucrative rental opportunity.
Advantages of Office Space Rental Business
Steady income from long-term or short-term rentals.
Low maintenance costs compared to other property types.
Flexible pricing based on demand and location.
High demand for flexible workspaces, especially post-pandemic.
Diversified clientele including startups, freelancers, and established companies.
Appreciation potential in property value over time.
Scalability as you can rent out multiple spaces or expand your property.
Tax benefits from property depreciation and rental income deductions.
Party Rental Business
The party supply rental industry is thriving, and it’s easy to understand why. With numerous resources available, organizing your next big event has never been easier, and these resources can greatly impact its success. A party rental business offers a wide variety of items, including tents, event venues, chairs, cooking equipment, and sound systems. These supplies are rented by both organizations and individuals to ensure successful events. The demand for event and party supplies is constant, and with Sharefox, companies can efficiently manage large inventories, from luxury tents to fun inflatable games, ensuring every event is a success.
Camping and hiking are popular outdoor activities in India as well. According to recent reports, a significant number of Indian households enjoy these activities, with a growing interest in nature tourism. This makes renting camping gear and hiking equipment one of the most profitable rental business ideas in India.
With the increasing demand for environmentally friendly and sustainable travel options, bicycle rentals promote eco-conscious transportation. Moreover, this business can engage with the local community by participating in events and advocating for a healthy lifestyle.
Storage Rental Business
The demand for additional storage space is a key driver in the business world. People are increasingly renting out spare rooms or closets when they no longer need them due to excess belongings that don’t fit elsewhere. Storage facilities offer an affordable solution with various sizes, catering to everything from furniture and clothing to groceries and even vehicles.
Conclusion
The world of rental businesses offers numerous opportunities for entrepreneurs seeking profitable ventures with low investment. Renting various products and services has become increasingly popular due to its cost-effectiveness, convenience, and flexibility.
With the right planning, execution, and a customer-centric approach, a rental business can provide you with a steady income stream and the satisfaction of meeting the needs of your customers. So, choose your niche, take the leap, and embark on the exciting journey of building your own successful rental business. Good luck!
FAQs
How to start a rental business?
To start a rental business, identify a niche, acquire the necessary items, set competitive pricing, create a marketing plan, and ensure proper maintenance and insurance for your assets.
Is a rental business profitable?
Rental businesses have become extremely profitable and growing business these days.
What are the most profitable rental business in india?
The best rental business ideas are:
Apartment renting business
Car rental business
Furniture renting
Coffee machine renting
Home appliances renting
Sports equipment rental business
Book rental business
Costume rental business
Flat renting business
Construction equipment renting
Is rental car business profitable?
Yes, rental car business profit margin is 30-40%. It is quite profitable rental business in India.
What is rented the most in India?
House/flat is the most rented in India.
What is the most rented equipment?
Most rented construction equipment includes:
Excavators
Skid steers
Lifts
Dozers
Forklifts
What are the most rented party items?
Most rented party items are:
Tent
Chairs
Tables
Linen
Glassware
Lighting
Artificial Flowers
Which are the most unique rental business ideas?
Unique rental business ideas include renting out luxury cars, office space, camping gear, and even event supplies, catering to niche markets with high demand.
Which are the most profitable things to rent out?
Some of the most profitable things to rent out include office space, luxury cars, party supplies, and camping equipment, catering to the growing demand in various markets.
Zoomcar is India’s first self-drive rental company. The concept of enjoying a car drive without actually buying a car was fascinating for Indians.
Today, Zoomcar has over 10,000 cars in the fleet. It has a market share of 60% and has gained massive popularity. The company has 91,00,000+ happy users.
But, how did this company grow so much over the years? To find an answer to this question let’s understand the business model of Zoomcar in detail.
For the people who are living under a rock, using Zoomcar you can rent a car on an hourly, daily, weekly or monthly basis.
It was founded in 2013 by Greg Moran and David Back. The company is headquartered in Bangalore and currently operates in 45 cities. The tagline of this company is Never Stop Living.
Operating Model and Key Products and Services of Zoomcar
To book a car using Zoomcar you first need to be a Zoomcar member.
You also should be 18 years or above. You must have a valid Light Motor Vehicle (Non-Transport) Indian license.
If you are an NRI then you should have an international driver’s license. In the past seven years, you shouldn’t have any kind of alcohol or drug-related driving violations.
Target Audience of Zoomcar
The target audience of Zoomcar is mainly middle-class people between 18-35. They are targeting the people who travel a lot.
If we dive deeper they target teenagers and businessmen. Many young YouTubers have promoted Zoomcar. As we know teenagers follow YouTubers which helped the company to grab a lot of young individuals.
Zoomcar follows a business model where it buys 75% of the cars on loans from the bank. The remaining are bought on lease from big companies like Avis Budget Group. Now, let’s understand other core elements of their business model.
1. Partnerships:
Zoomcar has tied up with various companies to include more cars on their website and to make profits. One of the major partnerships includes Ford & Mahindra.
This helped them become the first rental company in India to offer electric cars (Mahindra REVA E2O and Ford’s REVA E2O) for rent.
They have also smartly tied up with Tata Motors. This helped them to add 50 brand new Tata Nanos. To secure parking and pick-up points they have tied up with several hotels, universities, and real estate developers.
Zoomcar has also partnered with Nissan for a vehicle subscription programme. Customers can subscribe to Nissan Magnite and Nissan Kicks.
In November 2013 they also launched a month-long campaign named RideSmartBLR to spread awareness about drunk driving. This campaign was launched in partnership with Uber and the Ashoka Foundation.
2. Additional Benefits:
Apart from rental services they also give additional benefits which make them a better option. They are as follows:
Mostly the vehicles available on Zoomcar have all India permits.
All the vehicles are strategically placed so that customers can pick up the vehicle conveniently.
If you want you can also get doorstep delivery of the vehicle.
Rates available on Zoomcar have free fuel, taxes, and insurance.
Their call centers are open 24/7 to help customers solve their queries.
What is Unique about Zoomcar’s Business Model
Today, if I tell you to rent a car you would immediately open Zoomcar’s website or app. This shows how much popularity they have gained in these years.
But, apart from them, other companies like Drivezy, SelfDrive, U-Drive, Letmedrive, Carzonrent, and LeasePlan offer similar services.
Why they are not so popular? You might have not heard the names of some companies mentioned above. Let’s understand what unique things Zoomcar did which helped them to reach such heights.
1. Performance Marketing and CRM:
Zoomcar’s marketing strategy is majority focused on performance marketing. This means that the company pay the marketing companies only when a specific task is completed like sales or getting leads or clicks.
Zoomcar’s business and revenue model are straightforward. They rent you a car according to your preferences and earn money out of it.
In the financial year 2017-18, their revenue was $19 Million. But, the company was at a loss as its revenue was less than its expenses. To tackle this they launched ZAP Subscribe.
ZAP Subscribe:
This is an interesting program launched by Zoomcar which helps them to make profits. ZAP Subscribe is actually an extension of the previously launched ZAP Program.
Using this program individuals can subscribe to a new car on monthly basis. You can subscribe to a car from Rs 16,000 to Rs 50,000, depending on the car size.
This will help you to save the subscription fee. The subscription comes up with tenures of 6, 12, 18, and 24 months.
Conclusion
Zoomcar needs to give more benefits to its customers to be in this race for a long time. Their aim, for now, is to grow their business in other parts of the country. They have to give more reasons to their customers to subscribe to a car instead of buying one.
FAQ
When was Zoomcar founded?
Zoomcar was founded in April 2012 by Greg Morgan and David Back.
What is the revenue of Zoomcar?
In FY21, the startup’s total revenue stood at INR 103.6 Cr as against the INR 293.7 Cr it recorded in FY20
Who is the target audience of Zoomcar?
The target audience of Zoomcar is mainly middle-class people between 18-35.
Every Middle-class person has a dream to buy a car. People in India think owning a car is a matter of prestige, while people don’t think that today it’s just an extra burden upon your expenses. Gone are those days when a car was considered a luxury.
Greg Moran and his partner David Back established Zoomcar, a self-drive car rental firm that allows users to hire vehicles on an hourly, daily, or weekly basis, to modify and cultivate this mindset.
University of Pennsylvania, University of Southern California
Title
CEO & Co-founder of Zoomcar
Greg Moran: Personal Life
Greg Moran was born in the New York City of America. His parents had a love marriage; his mother was an Italian lady who shifted to New York after her marriage.
Greg did his early schooling in New York and went to Philadelphia for his graduation at the University of Pennsylvania. He studied International relations. Greg is also fond of cooking and his specialties are pasta in fresh pesto or meatball, coconut curry with prawn or chicken, salads, and chocolate cheesecake. Not only he tells about his cooking but has a craze to visit a Dosa eating competition sometime.
Greg has a lot of hobbies that include playing piano and hitting the golf links. When he is not doing work and zooming around he goes to visit different golf fields.
He is also researching sustainable development to create a sustainable economic zone for the people around the globe.
Greg Moran: Career
After graduating from the University of Pennsylvania, he began his career at Cerberus Capital Management as Summer Associate from July 2006 to August 2006. In 2007 he joined Fieldstone Private Capital Group Ltd as a Financial Analyst. After doing the job for several years, in 2011 he opened up his firm Greg Moran Consulting.
With the failure of his consulting company, in 2013 he and David Back founded Zoomcar, a self-drive rental car-based company in India. David returned to the US in 2005 after his marriage and Greg continued with Zoomcar and services in India.
Greg has also worked in the worldwide energy and infrastructure industries in a variety of financial, operational, and strategic capacities. Greg was involved with projects worth over $12 billion on six continents at this time. Solar power, wind power, and energy storage were among his major focus areas within the industry. Zoomcar is also a model of sustainable development that also caters to the self mobility needs of people in India.
Greg Moran: About Zoomcar
The Self Drive Car rental company was initiated in Bangalore in 2013. It was first started with an initial investment of $215,000 and a pack of seven cars. Zoomcar was a new concept in 2013 as there was a rise in Ola and Uber that were providing a chauffeur-based service, whereas Zoomcar was one offering a 100% pure-play, self-drive car rental service in India.
In India, that was a big step forward. It was understood that there would be demand for this kind of service, it also had the potential to grow and blow up the Indian markets.
Zoomcar services allow customers to hire a car and drive it whenever they want, and they also provide a large selection of automobiles to meet an individual’s demands at the touch of a button.
Zoomcar provides their customer a hassle-free experience by saving a lot of money without any long-term commitments. Greg came up with advancements for Zoomcar as technology progressed, such as the ability for customers to check availability and reserve a car of their liking with the touch of a button on their smartphones.
Greg Moran: Vision
Greg is always passionate about sustainability and has a dream to create a better sustainable economic development model for people all around the world. He also once said in an interview that ‘If not Zoomcar, I would likely have been an investor in technology companies within the sustainability domain.’
Although Zoomcar’s business strategy is based on sustainability, it also responds to the market’s demand for easy self-drive transportation. However, Zoomcar has always succeeded in carving a niche for the disruptive offering.
Several startups and taxi aggregators have followed Zoomcar’s lead and entered the self-drive mobility market, which only serves as confirmation of our goals. One of the focus areas is by adding more and more vehicle models which will be offered to the customers on a subscription basis.
A survey has shown about 50-60% majority in the demand for premium hatchback in 2019 but as of now, it has gone up by 70-80% in the recent 3-4 months of post-Covid-19 lockdown. The company will now be attentive to the subscribed customers and will provide additional benefits to satisfy their needs.
Even nevertheless, the need for mobility service is as pressing as ever. Because individuals would avoid taking public transportation to stay safe from the virus, the demand for rental vehicles will only increase. This industry is looking at various car subscription models to serve the needs of the customers and increase the business in the car rental industry.
FAQ
What is the education qualification of Greg Moran?
Greg Moran has completed his B.A in International Relations from University of Pennsylvania.
When did Greg Moran founded Zoomcar?
Greg Moran and David Back founded Zoomcar in 2012.
We hope to look well and feeling positive in this ever-changing world. This has instilled in us the desire to set newer standards daily. This time, we present to you the intriguing business model of “Flyrobe” that will fascinate you. Flyrobe is an apparel rental firm with the mantra “rent, wear, repeat.”
Flyrobe is an apparel rental firm that allows you to rent designer outfits for a reasonable price. It offers a wide range of products for men and women, including ethnic wear, premium apparel, and accessories. It lets you rent high-end clothing and accessories and arranges garments from brands like Ritu Kumar and Masaba Gupta.
It has a presence in ten of India’s most populous cities. Flyrobe serves approximately 12 cities through e-commerce means such as an online portal and iOS and android mobile apps. The company’s headquarters is located in New Delhi’s Rajouri Garden.
Flyrobe was acquired by its competitor Rent It Bae, partly in cash and partly in a stock arrangement. The consolidated firms will now be working under the name of Flyrobe and their combined value is roughly INR 60 crore.
7 September 2018
Sequoia Capital led a $3.71 million Series B fundraising round for Flyrobe, an on-demand apparel rental firm.
Flyrobe – Founders
Shreya Mishra
Tushar Saxena (Co-founder & CTO)
Pranay Surana (Co-Founder & COO)
Flyrobe – Startup story
It all started when Shreya Mishra the founder of Flyrobe visited Airbnb headquarters in 2012 for an entrepreneurial seminar at Stanford University, where she came up with the idea for this startup. She was inspired by the potential of rental stores, which may be run with existing assets.
Three IIT Bombay colleagues, Shreya Mishra, Pranay Surana, and Tushar Saxena, began brainstorming ideas for a rental business that might be popular in India. They discovered that consumers pay a fortune on clothes that are only worn a couple of times. It would surely be beneficial to them to freely access new outfits without the burden of ownership.
Flyrobe’s creators quickly carried out a survey, polling 200 females on their thoughts on the concept. Over 80% of participants responded with enthusiastic approval. Flyrobe was established as a result of this.
Tushar Saxena was an expert in IT and was approached by his colleagues to assist them in developing an Android app for Flyrobe. They released the app in September 2015, followed by the website in October.
Flyrobe Website
Omapal Technologies Private Limited was responsible for its inception. The trend of apparel rental grew in popularity, and several companies entered the market. Flyrobe managed to acquire prominence using digital platforms, which supported them in becoming more well-known than rival online rental firms.
Masaba Gupta, Outhouse, and Ritu Kumar are among the designers who have collaborated with Flyrobe. They also collaborated with brands like FCUK, Armani, Asos, and others who also sell western attire.
Flyrobe – Vision, and Mission
Vision
Their vision is: “To make designer clothes available to masses at pocket-friendly prices on rent“
What do they offer? (Mission)
On-demand rental: Choose an outfit at least three days in advance and it’ll be delivered to your door on any set date.
Unlimited subscription plan: Rent any two items from their closet and exchange, repeat, or restore them as desired.
Flyrobe – Tagline and Logo
Flyrobe’s tagline is “Outfit on Rent, Memories Permanent.”
Flyrobe’s Logo:-
Flyrobe Logo
Freedom & Fashion was the inspiration for the design. When one can do anything one desires, one is said to be free. By making fashion widely available, they hope to promote freedom in the fashion realm. They genuinely think that one’s preferences, devotion to ownership, and cost need not be limited.
Flyrobe – Business model
Flyrobe’s business model revolves around customers renting an attire for 4–8 days. This portal offers bookings for western dress outfits with a 3–4 hour shipping period and ethnic clothing. The app has a 4.3 rating on Google Play. Influencer marketing is their key marketing strategy.
A diverse selection of designer brands
Flyrobe is the top digital apparel rental firm, offering a large selection of designer clothing for men and women. It offers the most prestigious worldwide brands. People are interested in the Flyrobe since it provides outstanding facilities.
It has a variety of outfits for various events. The finest feature is that it offers a selection from popular brands such as Zara, Armani, and others. It is the finest alternative for individuals who want to dress in designer apparel at a reasonable price.
Affordable rent
Their main line of service is offering a wide selection of authentic traditional attire for a reasonable price. The price is so low which makes it acceptable to all types of people.
It only rents garments for four days. Flyrobe’s business model aims to make global fashion labels accessible to the general public. Some ethnic garments are extremely expensive, and most people cannot afford them, especially if they pertain to a specific brand.
In short, Flyrobe is beneficial for the ones who want to wear branded clothes but can’t afford them due to high prices.
Biggest trade partner
Being the biggest trade partner, it gives people access to the world’s largest marketplace. It has over 1800 designers aboard to provide rental solutions to its consumers.
Serves a variety of metropolitan areas
It offers clothing rental solutions in a couple of key locations across India. The company is working on growing its operations throughout several cities. As a result, they will expand their operations to 30 additional cities. Their business approach relies on offering flexibility across India.
Collaborations with renowned brands and a variety of firms
Their strategy is based on establishing relationships with well-known brands. They feature a large selection of ethnic wear from well-known brands. They can offer their clients unique designs in a wider range. The motive is if the firm has strong & creative affiliates, it will continue to grow.
No additional charges
Flyrobe goes to great lengths to ensure that its customers are satisfied. They offer special pick-up and shipment services to clients who cannot visit the store to collect their orders. Customers aren’t charged anything but delivered the greatest services.
Flyrobe earned $2 million in revenue in 2018 and aimed to triple that in 2019. According to the creators, 65 percent of the company’s overall revenue comes from online sales.
Their revenue streams include:
Commission
Every apparel rental purchase on their official site generates a little commission for them.
Advertising
Website or app ads is a component of their long-term revenue strategy.
Subscription plan
Their subscription plan ranging from monthly to annual subscription allows consumers to pay a one-time price in exchange for benefits such as reduced shipping charges, refunds, or perhaps a free apparel rental if they fully subscribe.
Flyrobe – Startup Challenges
While the business hurdles were obvious, they also had to deal with the Indian attitude toward secondhand apparel. People’s assumptions about renting garments are the reason for the sluggish start of the firm. Indians shun those who cannot pay for expensive outfits.
India is a nation based on possession, the most difficult hurdle in implementing a business plan like renting is changing client preferences. A social taboo is linked to rentals because fashion has grown to reflect one’s identity, goal, and prominent status symbols. Their cynicism about sanitation, personality concerns, and social influence are some of the most difficult barriers to overcome.
Only when the customer is willing to rent or wear a previously owned item you would succeed. The perspective shifts as people understand the product’s worth and the reasonable amount they spend for a temporary solution.
Nonetheless, Shreya Mishra believes a trend will eventually be the standard and India is at the onset of that trend.
Flyrobe – Funding & Investors
To date, Flyrobe has raised close to $10.7 million in funding. Sequoia Capital, Chiratae Ventures, and Strive Ventures are among the major financial backers of Flyrobe.
Flyrobe raised $7 million during its initial two series of fundraising in 2016. Paytm CEO Vijay Shekhar Sharma, Stanhope Capital chairman Leon Seynave, and others also contributed. Flyrobe’s technical, biz, and brand development personnel have all enhanced as a result of this funding. Chiratae Ventures led a round of fundraising that year, raising 5.3 million dollars.
In September 2018, Sequoia Capital India led a new investment round, and Flyrobe managed to acquire 26 crore rupees from existing owners. InnoVen Capital led a venture round that received an undisclosed amount of money in January 2019.
Flyrobe was acquired by its competitor Rent It Bae on November 27, 2019, which led to the consolidation of firms that will now be working under the name of Flyrobe and their combined value is roughly INR 60 crore.
Date
Stage
Amount
Investors
July 5, 2016
Seed Rounf
$1.7M
Sequoia Capital India
Aug 31, 2016
Series A
$5.3M
Chiratae Ventures
Nov 22, 2016
Non Equity Assistance
$50K
Google Launchpad Accelerator
Sep 6, 2018
Series B
₹264M
Sequoia Capital India
Jan 1, 2019
Venture Round
–
InnoVen Capital
Note: I have mentioned lead investors, but there are more than 1 investor for some of them.
On November 27, 2019, Rent It Bae acquired Flyrobe.
Date
Acquired by
Amount
Transaction Name
Nov 27, 2019
Rent It Bae
–
Flyrobe acquired by Rent It Bae
Flyrobe – Awards and Achievements
In 2015, when the company was just 15 weeks old, they finalized 100 clients in a single day. 20 Bollywood celebs, including Huma Qureshi, Parineeti Chopra, and Sunny Leone, have supported Flyrobe on social media sites.
Flyrobe – Competitors
Oh Look
Oh Look is a subscription-based fashion rental platform for males and it was designed by Arshad Azad. The firm has teamed with prominent apparel companies such as Zara, Louis Philippe, Allen Solly, and others to create a vast wardrobe assortment.
The Clothing Rental
The Clothing Rental, a Mumbai-based firm that began in 2005, happens to be a secret destination among the glamour industry’s elite. It allows you to hire their exclusive brands from their New York procurement office in addition to acquiring outfits from the most essential brands. It has two outlets in addition to its online presence (in Bandra & Versova).
Wrapd
Wrapd began in 2009 as Rent A Party Dress, a Delhi-based startup. It’s also one of the few online services with a physical outlet. You just have to go look at the attire, whether it be in person or online. After that, you can inform them of your size for the outfit you’ve selected (if it needs to be modified).
Book the outfit by paying a rental fee and a security deposit that’s up to 3 times the rent, and return it the day after the occasion. Pay the rental fee and a down payment of up to three times the rent to book the attire, then return it the day following the event.
Klozee
This business, which is now present in Bangalore, provides quality clothing rentals without any down payment. Klozee Express guarantees that the outfit will arrive in less than 3 hours of your order. Perhaps it allows customers to pay retail price for an outfit especially if you love it.
Liberent
With a three-day rental duration, you can hire an outfit from LibeRent without paying any extra down payment. It makes modifications based on the measurements provided. The best part is, for an extra Rs.350, they permit a trial before the actual rental day.
SwishList
SwishList allows you to hire outfits by browsing their online fashion collection and booking an outfit for the day of your ceremony. The outfit will arrive two days before the event. The following day, you can return the outfit. A down payment of 50% or more of the rental amount is required.
They plan to expand their online services to Dubai, London, and the United States. In the next few years, there will be 15 more outlets.
The partnership between the current CEO, Aanchal Saini, and the former CEO, Rent It Bae, led to improved efficiency.
Flyrobe will launch its unique virtual trial room.
In the future, they will collaborate with more major companies to build trust.
Other businesses:
Flyrobe primarily sells apparel, but it has recently begun renting out jewelry, handbags, and other accessories. Its wedding attire collection is one of the finest.
Value of product:
Every month, the retail value exceeds $1 million, with approximately 5000 products. It is one of the top product rental sites, as per reviews, and it is filled with a new ideas.
Here’s a short video for you guys on Founders describing their brand:
Final thoughts
Flyrobe is India’s first and fastest-growing e-commerce and in-store rental portal for premium and designer outfits for men and women. The online clothing rental market is already booming. Flyrobe provides free pick-up, shipment, and reservations for handcrafted ethnic, modern, as well as men’s clothing.
Flyrobe is now the main avenue, much above its rivals, with several Bollywood celebrities endorsing it. Customers are seeking alternatives to purchasing their favorite brands without spending a fortune as we increasingly become a westernized and ambitious community with the mantra of “Use and discard.”
It is fashion that never goes out of style. The world is your runway and every day is a fashion show.
FAQ
What is the revenue of Flyrobe?
The estimated annual revenue of Flyrobe is $2 million.
When was Flyrobe founded?
Flyrobe was founded in 2015 by Shreya Mishra, Tushar Saxena and Pranay Surana.
Who founded Flyrobe?
Flyrobe was founded by Shreya Mishra, Tushar Saxena and Pranay Surana.
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:
Sakshi Jadhav
