Early-stage investment firm White Unicorn Ventures, Kae Capital and Mumbai Angels have invested an undisclosed amount in real estate management start-up Azuro.
Azuro will use the funds to expand its operations across Mumbai, and invest further in building the technology. Mumbai-based Azuro, was founded by five IIT Bombay alumni.
Azuro finds tenants, takes care of maintenance and tenant issues, does periodic inspection, furnishes as required and even provides house insurance.
“We have seen that across the globe professionally managed home yield better rental value, and create value for all stakeholders. Renting is cheaper than buying, in fact an individual renting a house for 30 years will still be paying only one third of the actual ownership cost in the current interest rate structure. And hence we felt that making an investment in Azuro was the right choice,” Rohit Chokhani, Principal Founder of White Unicorn Ventures, said.
“Property rental is a huge market in India, which is crippled with inefficiencies. The Azuro team saw these inefficiencies first hand while trying to rent an apartment for themselves and set out to simplify the process.We think a full stack solution like Azuro is a model very well suited to crack this massive problem,” Sasha Mirchandani, Managing Director and Founder of Kae Capital, said.
Source: Times of India
