Home rental service startup ZiffyHomes on Thursday announced that the company had acquired Gurugram-based home rental platform Nivaasa., though it did not reveal the value of the deal. The acquisition is an all cash deal where all the properties and assets of Nivaasa will be on boarded by ZiffyHomes.
"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. ZiffyHomes had earlier acquired competitor Fella homes to become one of the largest aggregator of rental properties in Delhi NCR.
Nivaasa is currently operating in Gurugram, Delhi, Mumbai and Bengaluru, and offers a professional way to rent a home. The startup creates its own furnished living spaces and provides a house hunting service to home seekers looking for rentals in the open market. In addition, it also provides furnished and rental homes to people and allow them to customize the amount of furniture they wished to rent.
Nivaasa was founded in 2016 by Louis Pereira, Reuben Noronha and Gaurav Sood, who have the experience of working 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."
ZiffyHomes, had recently raised seed funding of Rs 2 crore from individual investors. The recent 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.