Bangalore-based real estate services and investment management platform, Pin Click, has raised close to $1 million following a pre-Series A round of funding.
Pin Click, formerly Ft2acres, would not disclose the exact amount raised in the recent funding round but says the company will utilise the capital to re-brand and scale up its operations.
The startup also aims to add new verticals to its model and bed-in technology, Co-Founder Manik Kinra told Techcircle.in.
The startup, run by Feet2Acres Property Consultants Pvt Ltd, raised seed funding in 2013 the year it was founded, and says the total amount of capital at its disposal currently sits at close to $1 million.
Co-Founders Puneet Kinra, Manik Kinra, Shivani Gupta, Abhijit Bhole and Shaishav Kumar say Pin Click offers technology-powered property advisory services to home buyers.
Manik Kinra is also a Co-Founder of Jade Magnet, a crowdsourcing-driven marketing support agency and was Group CEO at Balaji Telefilms Ltd while Gupta, an IIM-Bangalore alumnus, has worked with Boston Consulting and Thomas Cook India. Both Bhole and Kumar, who are IIT-Bombay alumni, worked at Microsoft Research.
Currently, Pin Click works with real-estate developers in Bangalore and Pune and has a team of around 100 advisors.
In January, the company added two new rental verticals to its product portfolio, including single rental management service and a multi-family tenancy management/ shared accommodation service.
Taking both the new categories the company has finalised into consideration, the Techcircle.in report says Manik Kinra deals on nearly 50 homes so far in Bangalore.
On the property advisory side Pin Click claims to have around 500 customers in Bangalore and Pune. The company tells Techcircle.in writer Arti Singh it will also set up its base in cities such as Mumbai, Delhi, Chennai in the next six months.
“We charge 2 per cent commission from real estate developers for every property sold, and the average price of property is Rs 60-70 lakh in Bangalore and Pune,” Kinra tells Singh of Pin Click’s business model.
“And, on the rental side, the company charges one months’ rent from property owners and it is brokerage-free for end-consumers.”
In the buying space Pin Click competes with Indiahomes, PropTiger and Square Yards; whereas in the rental space the company sees Nestaway and Zenify as its competition.
Techcircle.in says the Indian online realty market is dominated by Info Edge’s 99acres and Times group-owned MagicBricks, PropTiger, CommonFloor (acquired by Quikr), with Housing.com and IndiaProperty among the other major players.
Most recently, Bangalore-based Nestaway received funding from Tata Sons’ chairman emeritus Ratan Tata.
Last year, Square Yards made three acquisitions, including Ahmedabad-based design and animation studio Oryden TechLabs, Singapore-based LUXE Real Estate, and merged with real estate research portal Realizing.in. The company had raised $6 million (Rs 32 crore) in a pre-Series A round of funding from a clutch of unnamed investors in May last year.
Zenify, last year, received funding from Gana Yantrika Systems led by Anant Pandit as part of the angel investment round.
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