FindMyRoom was launched in 2019 and focused only on Bangalore and Pune cities to help users find a roommate. Post-COVID, with the offices re-opening, the number of IT employees returning to top metropolitan cities has surged.
Hence, responding to this massive demand for Rental Accommodations across top cities of India, FindMyRoom is helping people find accommodation near their offices through their platform.
The founder Mahesh Rangabhat believes there was a considerable need for a prop-tech solution post-COVID in India that helps young professionals and students find budget accommodation easily.
FindMyRoom claims that it is currently the top platform in India for finding a Roommate. The startup currently operates in Bangalore, Pune, Mumbai, Hyderabad, Delhi, Noida, Gurgaon, Ahmedabad, Chennai, and Manipal. The platform is presently web-based, while the mobile app will be launched soon.
The community-based startup connects space owners/roommates and prospective tenants/space seekers directly. The platform is currently free for people looking for a space, but FindMyRoom charges a minimal amount (optional) for the space owners. Significant revenue comes from the tie-ups with PGs and Coliving Spaces across India, a subscription-based model.
FindMyRoom expects to grow at a CAGR of 40% over the next five years. To support this expansion, the company will look into hiring more people in-house this year from a variety of backgrounds. The startup said it will work to expand its tech, marketing, and product offerings to reach a larger audience and provide a better rental experience to its users.
It is currently a bootstrapped startup and planning to raise its seed round funding within the next 6 – 8 months.
The number of people moving into tier 1 and tier 2 cities of India is significantly high. In the next five years, there will be a massive demand for the house rental market in India, and the cost of it will soar higher.
Hence, sharing the space and finding a roommate will be one of the effective options people will look for going forward. FindMyRoom also looks to solve more community-based problems in the future, it said.
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