Zenify.in is a rental management company which provides seamless rental experience to owners and tenants. From finding a tenant to managing a property to providing assured rentals, Zenify is redefining the way property rentals are managed.
Zenify and the Industry
The online rental market has seen a significant growth over the years. At present, it is estimated to be at a staggering $20 billion. But the industry still requires a holistic and 360 degree approach to take care of tenant’s and owner’s requirements simultaneously without a hassle. The current rental experience to homeowners and tenants is pretty bad leading to multitude of issues. Although many players are trying to address this challenge, Zenify is bridging this gap by providing a comprehensive solution by automating the process of rental management thereby ensuring peace of mind for both owner and tenant.
With a unique online and offline offering, Zenify is the only company in India which provides assured rentals and in-depth property management services thereby making the entire process of renting in and renting out a truly ‘Zenful’ experience.
CommonFloor, Grabhouse and 99acres are few established players in the industry- listing platforms where owners can list their properties and tenants can scroll through individually to select a property and thereafter get into discussions, negotiations and agreement finalization with the owners.
With Zenify once a property is registered, the owner gets an assured rental for the agreed time period. If the tenant discontinues the agreement, Zenify continues to pay the rent even when the flat is vacant. Zenify also takes care of all maintenance related responsibilities and tenant complaints that arise during the agreed period. Zenify ensures a broker free experience, eases the process of finding an ideal tenant/owner, significantly reduces the time spent by an owner in managing the property, manages and maintains property without any hassle and provides a cost-effective solution to owners as well as tenants. Zenify is the only company in India which provides assured rentals and in-depth property management services.
‘The Story’ and ‘The Founders’
Sudarshan Purohit (Co- Founder & CEO of Zenify)
- Electrical Engineering from IIT Madras
- Prior to starting up, Sudarshan was working with Insilica Semiconductors as a Design Engineer on the project ‘Digital picture Frame’
Ankur Agarwal (Co-Founder & Head of Data Analytics at Zenify)
- Electrical Engineering from IIT Madras
- Was working as a Business Analyst with Global Analytics in Chennai. He worked on SEO project and analytical model on credit worthiness for short-term loans
Kailash Rathi (Co Founder & Director- Finance & Strategy at Zenify)
- Aerospace Engineering from IIT Madras
- Worked as a Strategic marketing Analyst (Go-to-Market strategy, studied the trends for marketing NetApp products) with Net-App in Chennai.
Fresh out of college, the trio were comfortably placed in high paying jobs. As migrants to the city, they faced a multitude of issues while trying to find a place on rent. The language barrier and an unpleasant broker experience motivated them to come up with a solution to address the problems that migrants face in a new city. Having had a history of family business back in their hometowns, they had a strong urge to start their own business. They had ideas, they were willing to take risks and they had an undying entrepreneurial spirit. They decided to take the plunge. After a thorough market research, Zenify.in was started in the year 2012 with an aim to help young migrants adjust easily in the city. Their intention was to create a niche model for house rentals which is beneficial for both tenants and owners.
Sailing through the Storm
“’We get what we deserve’, this statement is something that has been resonating with me. This is something that I preach and follow myself in every aspect of life that has led to phenomenal improvements in me and my organization” says Sudarshan Purohit.
He adds that when they started Zenify, their main challenge was in acquiring properties from owners. It was quite difficult to create that confidence among the owners to completely trust them with their property. Moreover, they faced similar issues with tenants as well while collecting the security deposit.
Secondly, business model of Zenify is such that picking the right kind of property is extremely important. Understanding the market, knowledge about the area and the psyche of the people are some of the key aspects that they need to consider while acquiring a property. When they started out, there was very little information present about these aspects- figuring out which property to pick up and which one to drop was yet another challenge for them.
“However, over the years we have been able to overcome these challenges through in-depth market research and we have built long-term relationships with our customers”.
The Escalation of Zenify
Established in the year 2012, Zenify currently manages 1500 crore worth of properties only in Bangalore. Zenify is headquartered in Bangalore and currently has 110 employees.
It has been growing 35% Quarter on Quarter. Within the next five years, Zenify plans to manage INR 1,00,000 crore worth of properties across the country. In the coming months, Zenify aims to take the entire process of rental management 100% online. In the next three years, Zenify is planning to expand to all Tier 1 cities like Gurgaon, Mumbai, Pune and Delhi in the near future and across the country in the next few years.
Zenify has received angel funding from Atul Jalan and Gana Yantrika Systems. Atul Jalan is the CEO and Founder of Manthan systems and Gana Yantrika Systems Pvt Ltd is a privately held company which invests in companies with unique business models and use technology to advance market access.
“We have set a few ambitious goals for our organization for which we will require more funds. We are currently in talks with a few investors who can bring in financial support as well as technology expertise to the table” says Sudarshan Purohit.