The acquisition will help Ziffy to expand in the premium category apartments across India. The company had earlier acquired competitor Fella homes
Delhi-based home rental services startup ZiffyHomes announced the acquisition of Gurgaon-based home rental platform Nivaasa for an undisclosed amount.
The acquisition will help Ziffy to expand in the premium category apartments across India. The company had earlier acquired competitor Fella homes.
It is an all-cash deal where all the properties and assets of Nivaasa will be on board by ZiffyHomes. They would be taking over the business, sales, and operations of the company.
“A huge increase in rental numbers is changing how people think about furnished spaces. There’s a sense of I’m not sure where I’m going to be in three years so I’m not going to buy a lot of furniture’. This acquisition will help us target these millennials spread across the major metro cities in India. We want to define luxury as an experience rather than ownership. Taking our journey one step further, we are excited to welcome Nivaasa team and their customers to ZiffyHomes family," said Sanchal Ranjan, CEO, ZiffyHomes.
Nivaasa was founded in 2016 by Louis Pereira, Reuben Noronha and Gaurav Sood. It is currently operating in Gurgaon, Delhi, Mumbai and Bangalore.
“Besides sharing a common vision with Ziffy Homes, we were impressed with the team they’ve put together to make that vision a reality. We’re happy to join hands with them and be a part of their journey to make it easier for more people to find great living spaces to rent," said Louis Pereira, co-founder, Nivaasa.ZiffyHomes raised seed funding of Rs 2 crore from individual investors. The company was founded in 2015 by Sanchal Ranjan and Saurabh Kumar.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.