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 Colive.
Given the increasing cost of property in metro cities, co-living is probably the most cost-effective way of living in urban areas without having to compromise on modern amenities. This is the reason why co-living spaces are getting popular, especially among youth. With the increasing number of youth moving out of their hometowns for studies or work, the concept of co-living is fast gaining popularity in India.
According to a Cushman & Wakefield India report, the Co-living market size across India’s top 30 cities is expected to grow more than double by 2025 to $13.92 billion from the current $ 6.67 billion. To meet this trend, Colive, a startup in Bangalore has come up with fully managed and technologically equipped rental co-living spaces, to make living comfortable, safe and affordable. Here is how Colive was started and how it is transforming urban housing in India. We interviewed Colive founder Suresh Rangarajan K to know about this fast-growing coliving startup.
Colive is a Bangalore-based co-living space provider. Colive offers ready-to-move-in co-living spaces, which are located near IT parks and business hubs. These homes are chic and equipped with modern tech-enabled safety features. Besides, all homes are fully serviced and professionally managed, and offers flexible and affordable options suitable for urban living. These co-living spaces are designed especially for single professionals & young couples who prefer living in a social community of like-minded millennials.
Colive is driven by the vision to get established as India’s No.1 Coliving brand offering technology-enabled, fully-managed homes for millennials & Gen Z in urban markets.
Colive USPs
Style
Modern Furnishing
Cinema and Sports Arena
Fitness and games room
Modern Storage Space
Self cooking equipment
Community kitchen
Safety
Facial recognition based key management
CCTV and Video Surveillance
Emergency response team.
Service
Professional House Keeping
High-Speed Internet
On Demand Maintenance Support
Power back-up
Savings
Affordable rentals
Flexi Lockin
Installment facility
Smart
Skype booth
Co-working space
Digital door locks
Social
Networking
Free holiday once a quarter
Invitation to exclusive events and parties.
“We launched Colive in Bangalore given the city’s universal appeal. Home to numerous IT companies, the capital of Karnataka a top destination for young working professionals who don’t have the capacity to rent a single sharing accommodation near their offices. Considering this factor, Bangalore seemed like the ideal place for Colive to begin its journey” The Colive CEO quotes.
Colive – Founder and Team
Suresh Rangarajan Kis the Founder and CEO of Colive.
Suresh Rangarajan K
Suresh Rangarajan K, Cofounder of Colive
Suresh Rangarajan K is an alumnus of Yale School of Management. He is a chartered accountant and serial entrepreneur. Prior to founding Colive, he was also a part of the founding team of TimesofMoney.com and Artha, a real estate enterprise. Under his enterprising leadership, remit2india.com went on to become the world’s #1 online money transfer portal & one of the most successful internet businesses in India.
Arun Singh was the Chief Investment Officer (CIO) and Co-founder of Colive. Arun has worked in the Indian Equity Markets for over 2 decades, which provided him a ring-side view of the transformation of the Indian economy. His last stint was at Alchemy, a boutique equities brokerage firm focused on Institutional and Ultra HNI investors. He was also part of the founding team at a startup before embarking on his journey of curating emerging businesses to bootstrap in his individual capacity. Singh stepped down from his position in September 2021.
Saurav Swami is the VP of Alliances at Colive. Saurav looks after Corporate tie-ups and partners for built-to-suit coliving buildings.
Colive brought on board, Arun Balan of the Balan and Nambisan Architects to design the double sharing rooms, which are strategically styled with modular furniture to offer a sense of privacy even in a shared space. As commented by Colive CEO Suresh Rangarajan, Signature Towers will let the residents experience the comfort of their home with the splendor of a deluxe hotel.
The company works with an employee strength of 100-150 employees.
Colive – Startup Story
During his stint at Artha, Suresh realized that India’s real estate sector has great potential. He noticed the housing challenges being faced by the millennials in India, and to solve the same he started Colive. The idea behind Colive was simple – to offer an effective solution to urban India’s housing owes.
“Even though property prices have gone down in the last decade, affordable housing remains a myth in India. Renting a 2BHK flat in any metropolitan city is impossible for many, especially for those who have just begun their career. Realizing this gap, I decided to launch Colive which provides affordable, convenient, fully-amenitized and managed accommodations while taking a deposit of only 2-months’ worth of the respective rents, as opposed to the standard range of INR 60k- INR 1,00,000.” said Colive owner Suresh Rangarajan K on explaining the idea behind starting Colive.
Colive – Mission and Vision
The mission of Colive is to “offer Colive residents to upgrade lifestyle with chic designs and contemporary interiors, premium amenities, and hassle-free living.” With real-estate in its DNA, and driven by a customer-centric approach, Colive aims to build automated processes and leverage technology that will help in scaling the business.
Colive – Name, Tagline and Logo
The name Colive is derived from co-living. The company’s tagline- ‘Colive your way’ embodies the sense of co-living with the independence of living the way one wants to live and having the freedom to make their own life choices. Colive Community is a non-judgmental society that respects an individual’s life choices and celebrates their differences which is showcased in the logo people peacefully co-exist.
Colive has a full-stack business model and it provides its services directly to the end-users. Colive takes buildings on long-term contracts from builders and franchises. The buildings are transformed into branded and serviced co-living spaces and then rented out to customers.
Colive – Revenue Model
Colive has two sources of revenue–
Fixed rentals– Under this model, Colive makes an agreement with property owners to pay them a fixed sum. The amount of earning over and above this fixed sum is Colive’s revenue.
Property management fee– Under this model, the revenue earned from rent is shared between the property owner and Colive in a predetermined ratio. This ratio may vary from city to city.
Colive – Funding and Investors
Colive has raised total funding of $12 Million in 3 rounds. Here are the Colive funding details –
Funding Date
Stage
Amount
Investor
April 2019
Series A
$9.2 Million
Salarpuria Sattva Group
February 2018
Seed
$1.8 Million
Ncubate Capital Partners
September 2016
Seed
$1 Million
Angel Investors
Colive plans to utilize the funding to ramp up its operations and expand its footprint in India.
Colive is being mentored by Bijay Agarwal, MD Salarpuria Sattva Group.
Colive – Startup Challenges
According to Suresh, as the concept of co-living is new in India, Colive had a tough time convincing the stakeholders, who were skeptical about the success of the concept.
Speaking about the challenges that the team initially faced, Suresh Rangarajan K said, “Acquiring the first 1,000 beds was tedious but once that was done, we could pace up while scaling to 10,000 beds. The initial months, in particular, were difficult for us. However, we stuck to our original plan and got well acquainted with our primary target group – the millennials. And, it was only a matter of time before our extensive efforts started showing positive results”
Colive – Competitors
For Colive, competition ranges from a PG operator to the global player that provides rental accommodation. Top competitors of Colive are, Your Own ROOM, Stay Abode, Zolo, CoHo, NestAway, NoBroker, Grabhouse, Square Plums, SimplyGuest, Comfy Stays, OYO Living, Stanza Living, Quickr Homes and FF21.
Style, safety, services, social, smart and savings – These are the 6 factors that differentiate Colive from its rivals. From finding the perfect accommodation to having immediate access to amenities and availing services; everything at Colive is accessible at the touch of a button through Colive’s website and app.
Colive – Growth
Colive boasts of being the future of living. The technology-powered coliving startup has noticed a good scale-up indeed. Here are some highlights of the growth of Colive:
Colive is managing 25000+ beds.
The area under management for Colive is over 4 Million sq. ft.
Currently operating in 3+ cities including Bangalore, Chennai & Hyderabad.
Has AUM of Rs 200 crore+.
Colive has around an 85% occupancy rate.
In 2018, Colive generated a revenue of INR 11 Crore.
Colive launcheed premium property in Bangalore, strengthening its position in the luxury co-living segment
Leading Indian coliving space provider ‘Colive’ has announced the launch of a premium property – Colive Signature Towers. Signature Towers is located in Doddanekundi, on the Outer Ring Road, in proximity to corporate powerhouses and IT Hubs of Bangalore, on August 19, 2019.
The property is targeted at both young working professionals and DINK (Dual Income No Kids) couples and comprises 140 double sharing and single occupancy/couple rooms, consisting of 280 beds. The USP of Colive Signature Towers lies in its ergonomic design. The fully-furnished rooms have contemporary interiors and come with a wide range of lifestyle amenities. Colive Signature Towers is also equipped with a terrace lounge, star-gazing deck, barbecue, conference room, cafe, fitness room, gaming and entertainment lounge, amphitheater, cinema room and a salon/spa. The terrace barbecue and the cafe, in particular, are touted as the key attraction of Signature Towers. The security system for Signature Towers includes CCTV, digital locks, emergency response team, and facial recognition-based access system.
Colive declared first Saturday of June as the ‘International Co-living Day’ to celebrate the spirit of co-living
Colive announced in 2019 that the first Saturday of June is deemed to be the ‘International Co-living Day’. This initiative was taken by Colive to celebrate the idea of co-living, which is fast becoming popular among the Indian youth.
The first ‘International Co-living Day’ was celebrated by Colive at Marathahalli location in Bangalore on June 1, 2019. On this occasion, Colive hosted a memorable, fun-packed event, which was attended by a whole band of youths. The event was kick-started with the launch of Bangalore’s first co-living facility – ‘Colive Sunrise’. ‘Colive Sunrise’ is located at a prime location on the Outer Ring Road and is in proximity to the major IT parks in the city.
Delighted at the huge success of the event, Colive founder Suresh Rangarajan said that co-living is no longer just a new phenomenon, but has become a necessity.
Colive founder and CEOSuresh Rangarajan said emphasizing the idea behind the event.
Suresh was conferred upon the prestigious Udyog Rattan award and WCRC. Ernst & Young also awarded him as the “Trend Setter in Real Estate”. Besides, some other awards and recognition received by Colive are –
Rated among the ‘5 Indian Start-ups that helped millennials to go smarter in 2020’ – by Asian Age
Rated among the ‘5 most popular apps among millennials’ – by Hans India
‘Transforming the rental industry with the buy-to-let model‘ – says Deccan Herald
‘A Platform that can make everyday life efficient for the tech savvy’ – says Deccan Chronicle
Colive App among the ‘Mobile apps that are hot with Millennials’ – says The Financial Express
Ranked among the ‘From teen to adulthood these 5 Apps will become your saviour’ – by T3F5
Colive – Future Plans
Colive has launches lined up in Hyderabad, Pune and Mumbai. It aims to scale up from the current count of 25,000 beds to 1 lakh beds, as of 2021. Colive is also planning to expand its presence to 25 university towns.
FAQs
What is Colive?
Colive is a network of fully-managed ready-to-move-in homes, conveniently located in close proximity to major IT Parks & business hubs. The homes are fully serviced and professionally managed while offering flexible & affordable options suitable for urban living.
What does co-living mean?
Coliving is a form of communal living that is popular in major cities as they are an affordable living solution for students, workers, people on a budget, or individuals who are relocating. The residents get a private bedroom in a furnished home but have to share certain common areas with other residents.
Are coliving spaces in Hyderabad, Pune, and Chennai available via Colive?
Colive makes coliving spaces available in Hyderabad. Besides, getting coliving space in Pune, coliving space in Mumbai and in Bengaluru are also easier than ever before with Colive serving all those cities.
Where is the Colive headquarters?
The Colive headquarters are in Bangalore, which makes finding coliving space in Bangalore really easy now.
What is the co living business model for Colive?
Colive is a co living service provider, which extends a wide range of wonderful coliving spaces for everyone living in the common metros of India. Colive leverages the full-stack business model to grow, thereby providing the services to the end-users.
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:
