Piramal Capital & Housing Finance sanctions Rs 200 crore to Appaswamy Group
Home rental service startup ZiffyHomes today said it has acquired Gurgaon-based home rental platform Nivaasa.
The company did not announce the deal value.
"The acquisition will help to expand in the premium category apartments across India, given that they are currently based in Delhi NCR," ZiffyHomes said in a statement.
The company had earlier acquired competitor Fella homes to become one of the largest aggregator of rental properties in Delhi NCR.
Nivaasa, which currently operates in Gurgaon, Delhi, Mumbai and Bangalore offers a professional way to rent a home.
The startup created its own furnished living spaces and provides a house hunting service to home seekers looking for rentals in the open market. This apart, it also provides furnished and rental homes to people and allow them to customize the amount of furniture they desired to rent.
Nivaasa was founded in 2016 by Louis Pereira, Reuben Noronha and Gaurav Sood. Prior to starting Nivaasa, the three founders have worked in the consulting industry at Bain & Co, McKinsey & Co, and Essex Lake Group.
Sanchal Ranjan, CEO at ZiffyHomes commented, "A huge increase in rental numbers is changing how people think about furnished spaces."
The acquisition is an all cash deal where all the properties and assets of Nivaasa will be on boarded by ZiffyHomes.
ZiffyHomes, had recently raised seed funding of Rs 2 crore from individual investors.
The current acquisition will add 12 community Hubs to ZiffyHomes' rental business in Gurugram. The Ziffy Technologies platform currently has close to 2,000 rooms along with supply of around 500 studio apartments listed on it across Delhi/NCR.