Funding Alert

Mumbai’s GetSetHome Secures $1 Million in Seed Funding from Mistry Ventures

• ByStartupStory     |    December 18, 2023

GetSetHome, a Mumbai-based online platform facilitating managed rental accommodations, has successfully raised $1 million in a seed funding round led by Mumbai-based VC firm Mistry Ventures. Established in 2014 by Junaid Ahmed, Shabnam Kadwani and Muddassar Virani, GetSetHome focuses on offering fully furnished accommodations on both shared and non-sharing bases for rent. The startup predominantly caters to students and professionals relocating within or to Mumbai and Pune.

With the newly acquired capital, GetSetHome plans to expedite its growth by expanding into new micro markets, enhancing its platform and user experience to fortify its customer presence in Mumbai and Pune, where it currently operates. Junaid Shaikh, one of the co-founders, stated that the startup has assisted over 12,000 individuals in securing accommodation, and its partner properties consistently maintain over a 90% occupancy rate.

The startup aims to broaden its user base to 50,000 within the next two years. In the realm of rental accommodation, the process often involves dealing with a fragmented brokerage system, high upfront payments, extensive travel, and properties lacking essential amenities. GetSetHome seeks to streamline this house-hunting process by allowing users to explore verified homes through photos and book accommodations directly.

Moreover, the platform claims to enhance rental yields for property owners, including developers, from the typical 2% industry standard to an average of 6%. Owners listing with GetSetHome reportedly benefit from reduced broker interactions, alleviating the burden of frequent property showings and complex documentation.

Utilizing AI, ML, and big data, GetSetHome provides rental solutions by offering insights into micro market demands, predictive analytics, and facilitating suitable tenant-owner matches with risk assessments. The startup faces competition from other players in the sector, including Ishtara, Stanza Living, Nestaway, and Zolo.

Zahan Mistry of Mistry Ventures expressed confidence in GetSetHome’s capabilities, stating, “GetSetHome’s technological and operational capabilities address key pain points for tenants and owners within the rental ecosystem. With a strong leadership team in place, we are excited to partner with them in their next growth phase.”

Mistry Ventures, founded in 2018 by the late Cyrus Mistry and currently led by Ashish Iyer, funds startups across various sectors and has invested in areas such as D2C, SaaS, and agritech. The proptech sector in India, poised to be a $1 trillion opportunity by 2030, has experienced significant growth, with coliving being a key driver. Early players like NestAway, Zolostays, and Coho have played pivotal roles in leveraging technology for growth in this specialized market. Investments in Indian proptech startups have surged, with $4 billion raised between 2009 and 2022, marking a robust evolution in the sector.

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