FastFox, a home rental start-up in New Delhi, has raised $4.6 million U.S. in Series A funding from Lightspeed India Partners,Blume Ventures and CyberAgent Ventures.
The firm plans to use the money to improve its technology solution, develop service delivery and expand the team across engineering, sales and operations, reports ET Realty.
Technology is a big part of FastFox, and the site ensures that 100 per cent of the homes listed on its platform are authentic and available for immediate visit and closure by renters. Currently listing houses in Gurgaon, FastFox now plans to expand to Noida, Pune, Bangalore and Mumbai in the next 12 months.
“We are already the largest player in Gurgaon and aim to be the largest rental brokerage in India in the next few years,” said Pallav Pandey, the co-founder and CEO of FastFox.
“Pallav and his team have shown us that there is a large market in rentals that suffers from India-specific problems such as information scarcity, information asymmetry, trust deficits and small local networks, all of which can be solved through the power of the Internet and a tech-enabled approach like Fastfox.com,” said Dev Khare, Partner at Lightspeed India Partners Advisors.