Mumbai-based GetSetHome, an online platform that manages and provides accommodations on rent, has raised $1 Mn in a seed funding round from Mumbai-based VC firm Mistry Ventures.
The startup plans to use this capital to accelerate growth by expanding its presence into new micro markets, enhancing its platform and UX to strengthen its customer presence in Mumbai and Pune, where it currently operates.
Founded in 2014 by Junaid Shaikh, Shabnam Virani and Muddassar Virani, GetSetHome offers fully furnished accommodations on a shared and non-sharing basis on rent.
The startup primarily serves students and professionals relocating to and within these cities. Junaid claimed that to date, the startup has helped over 12,000 individuals secure accommodation and that all its partner properties run on more than 90% occupancy rate.
GetSetHome aims to increase its user base to 50,000 within the next two years.
Finding rental accommodation often involves dealing with a fragmented brokerage system, high upfront payments, extensive travel and accommodations that lack amenities.
To streamline this house-hunting process, the trio set up GetSetHome. It allows users to explore homes through verified photos and book accommodations directly.
Further, the startup claimed that it improves rental yields of residential real estate assets for property owners, including developers, from a typical 2% industry standard to an average of 6%.
