Home rental start-up ZiffyHomes on Thursday said it has acquired smaller rival Nivaasa, operated by Gurugram-based Accurent Property Management Pvt. Ltd, in an all-cash deal.
The size of the transaction was not disclosed.
Nivaasa was founded in 2016 by Louis Pereira, Reuben Noronha and Gaurav Sood.
Nivaasa has rental properties listed across Gurugram, Delhi, Mumbai and Bengaluru. It helps customers take rooms or flats on rent, besides offering a service to find flat-mates.
The acquisition of Nivaasa, which offers a selection of premium apartments co-furnished by the company, will help ZiffyHomes expand the inventory on its platform, the latter said.
All properties listed with Nivaasa as well as staff in key operations like business, sales and operations will be taken over by ZiffyHomes.
“This acquisition will help us target 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,” ZiffyHomes chief executive Sanchal Ranjan said in a statement.
Nivaasa is the second acquisition by ZiffyHomes, which launched operations in 2015. In February this year, it acquired Fella Homes in a cash-and-stock deal that saw its early backer DS Group join ZiffyHomes as an investor.
In January, ZiffyHomes announced a seed funding round of Rs2 crore from investors Bikky Khosla, chief executive at Trade India, Anirudh Agarwal, managing director at Shree Sharda Group, and Ajay Kaul, CEO of Jubilant FoodWorks, among others.
ZiffyHomes claims to have 2,000 rooms and about 500 studio apartments listed on its platform.
Source: Mint