In April, Home rental startup FastFox.com raised 30 crore rupees in a Series A funding round from Lightspeed India Partners, Blume Ventures and CyberAgent Ventures. Sajid Fazalbhoy of Blume Ventures and Pallav Pandey, Founder & CEO of FastFox.com talk about how the latest investment round benefits the company.
- What is your thesis behind this investment?
Sajid Fazalbhoy: FastFox.com is working in a massive multi-billion dollar opportunity. Home rentals is a big share of the annual expenses of an Indian Household. In spite of that there is no major brand in the market which provides people rental homes with a reliable experience. FastFox.com is the right solution with the right mix of technology and process rigor to offer efficient home rental solution at scale. We strongly believe that with FastFox there is a credible opportunity to build a major pan-India Home Rental solutions brand.
- How does this round benefit FastFox.com?
SF: The company has attracted funds from some very tactical investors. We have CyberAgent Ventures that has invested in a real estate Chinese unicorn. We have a leading data science investor from the Valley also. These investors along with LSVP provide very key insights into comparing markets. The company will use this money to build a better tech layer that will provide homeowners more relevant data for their needs. The company has for now captured the Gurgaon market and will expand their reach to other cities too. The funds will used to ensure FastFox’s brand recall as the go to site for a consumer s rental needs
- How does Fastfox.com plan to utilise the funds?
Pallav Pandey – We plan to invest the funds to improve our technology solution, service delivery models and expand the team across engineering, sales and operations.
- What are your expansion plans?
PP – We will continue to focus on rental business which is a huge opportunity. We will spend on improving our systems, and plan to expand to Noida and Pune in the next six months, and then eventually, expand to Bangalore and Mumbai
- How does Fastfox help overcome the challenges in the rental space?
PP – The real estate business is fragmented and dominated by small local players which makes the experience of house hunting time-consuming and painful.
FastFox.com is focused on making the home renting experience quick, convenient and transparent. Customers can check authentic property related information including photographs from the convenience of their home/office. Shortlist the one they like and do assisted home visits with FastFox.com. We also help them negotiate best terms with the home owners and do the complete paperwork.
- How does Fastfox.com model work?
PP – FastFox.com leverages its network of brokers to procure updated information on rental homes in near real time. FastFox.com is able to source 1000s of houses through this network. This makes FastFox.com the largest destination for ready rental homes in the city. Customers coming on FastFox.com can not only check and discover best rental options but also schedule home visits and finalize homes.
- Could you share some key metrics?
We have more than 2,500 property listings in the city posted on our website. Customers typically shortlist 6-7 properties for themselves. The median time that a customer takes to select a property from the time they reach fastfox.com is less than 6 days.