Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by YourOwnROOM.
YourOwnROOM's PropTech platform enables onboarding and management of residential assets in multiple formats including co-living homes, alternate assets and family homes. YourOwnROOM's biggest differentiator is its, PropTech enabled, golden execution model that helps it deliver tenant delight and homeowner satisfaction. This provides it with the foundation to profitably scale its business across multiple cities and multiple residential asset formats.
YourOwnROOM currently manages over 400 residential properties/ 2,000 beds spread across 0.5 million square feet, valued at over INR 300 crores ($40 M) in Bangalore and Pune.
StartupTalky interviewed the Co-founder & CEO of YourOwnROOM, Mr. Prabhat Kumar Tiwary to know the Success Story and Growth Prospects of YourOwnROOM. Along with it to get a glance on YourOwnROOM business model, funding, turnover, how it started & more.
YourOwnROOM - Company Highlights
| Startup | YourOwnROOM |
|---|---|
| Founders | Prabhat Kumar Tiwary (CEO), Sachin Joshi |
| Founded | 2016 |
| Headquarters | Bangalore |
| Industry | Real Estate, PropTech |
| Total Funding | $1.3 Million |
| Turnover | $1 Million |
YourOwnROOM - About and Vision
YourOwnROOM - Industry Details
YourOwnROOM - Founders and Team
YourOwnROOM - Startup Idea
YourOwnROOM - Product and USP
YourOwnROOM - Name and Logo
YourOwnROOM - Business Model and Revenue Model
YourOwnROOM - Startup Launch
YourOwnROOM - Challenges Faced
YourOwnROOM - Growth and Turnover
YourOwnROOM - Funding and Investors
YourOwnROOM - Advisors and Mentors
YourOwnROOM - Competitors
Tools used by YourOwnROOM
YourOwnROOM - Awards and Recognitions
YourOwnROOM - Future Plans
YourOwnROOM - FAQs
YourOwnROOM - About and Vision
YourOwnROOM is a residential real estate PropTech rental and property management company. It was incorporated in Feb 2016. The PropTech platform enables onboarding and management of residential assets in multiple formats including co-living homes, alternate assets and family homes.
YourOwnROOM’s vision is to be a leading PropTech Residential Asset Management company providing high quality Property and Rental Management Solution and delivering higher Rental Yield and uninterrupted cash flow to Asset Owners and a hassle-free living experience to its tenants.
YourOwnROOM - Industry Details
Residential RE Rental Market is $13.5 Bn as per Primus Partners, 2020 and Shared Living market is $6.4 Bn with a penetration of only 2.5% with demand being fueled by migrant millennials moving to cities. Coliving, Student Housing and senior homes will be the new realty growth drivers. Demand will continue to be fueled by Migrant Millennials.
Real Estate as a sector is the backbone of Indian Economy and will be a $1 Trillion economy by 2030. Real Estate will be a $650 Bn market by 2025, growing at 19.5% CAGR contributing to 13% of our GDP and generating 75 million Jobs and almost 1/6th of this is going to be residential real estate.
The recent approved Model Tenancy Act will help bridge the trust deficit between tenants and landlords by clearly delineating their obligations and will eventually help unlock vacant houses across the country. It is a big step towards institutionalizing Rental in India.
Kimi Dutta
YourOwnROOM - Founders and Team
YourOwnROOM's founders include Prabhat Kumar Tiwary and Sachin Joshi who worked together in the last 2 companies before starting YourOwnROOM. They have held leadership position with various technology companies and complement each other in skills and interest.
Prabhat Kumar Tiwary is the CEO and Managing Director. He is an alumus of Stanford Business School. In addition, he is also the COO. Sachin Joshi is the other founder who is the Chief Revenue Officer and CTO.
The total team size is about 25 across Bangalore and Pune with the bulk of the team based out of Bangalore. YourOwnROOM has a very flat organization structure where each team member has access to the founders and leadership team. YourOwnROOM has a mix of senior leaders, experienced team members and freshers. About 60% of the team includes freshers from various colleges.
YourOwnROOM - Startup Idea
"We initially started YourOwnROOM to solve the challenges faced by singles while looking for a decent place to live. However, what got us even more intrigued is the bigger picture" says Prabhat Kumar Tiwary, Co-founder & CEO, YourOwnROOM.
YourOwnROOM's core belief is that it will no longer be just about the Asset. The Real value of the Asset will unfold when you apply a tech based service wrapper on top of the Residential Asset and channel it to the right unmet demand. PropTech based Rental and Property Management companies like them will play a critical role in the next 5 years in driving transformation & efficiencies in Residential real estate.
Gorish Dua
YourOwnROOM - Product and USP
YourOwnROOM acts as a trusted custodian of residential assets for homeowners and offer multiyear rental & property management services to them. It helps them get continuous cash flow, higher rental yields and higher capital appreciation from their residential assets.
YourOwnROOM also offers professional operating partner services to developers and real estate funds to increase their sales velocity, rental yields and capital appreciation from their residential asset portfolio.
YourOwnROOM's biggest differentiator is its, PropTech enabled, golden execution model that helps it deliver tenant delight and homeowner satisfaction. This provides it with the foundation to profitably scale its business across multiple cities and multiple residential asset formats.
YourOwnROOM - Name and Logo
YourOwnROOM considers tenants as their primary consumers with Homeowners, Developers, Vendors as partners to deliver the services. The logo brings focus on 3 things – home at the epicenter, location and vibrant colors which resonate with its young millennial tenants that constitute bulk of YourOwnROOM's customers.
YourOwnROOM - Business Model and Revenue Model
YourOwnROOM Revenue and Business Model involves 3 steps -
1. Onboard Property
- It signs a 3-5 year MoU with owners to manage their property and rentals. With developers it signs a 5-7 year MoUs for the same.
- YourOwnROOM onboards the property on its PropTech Platform and conduct quality checks.
- It gets into an arrangement with the Owner and seek 45-60 days to rent out the Property to tenants.
- YourOwnROOM assists the owner to onboard the property by conducting a quality check, help with repairs and help procure furniture and appliances.
2. Onboard Tenant
- YourOwnROOM actively scouts for suitable tenants, run marketing campaigns, organize site visits.
- It books a tenant and sign a rental Service Agreement. This is done between the tenant, owner and YourOwnROOM
- It then onboards the tenants into the property.
3. Engage Tenant and Asset
- Tenant will pay a fixed rental to YourOwnROOM through the Tech Platform.
- YourOwnROOM pays rent to the Owner minus its commission.
- In addition tenant pays for admin and move out charges and Service Requests (request for repair work and other complaints) after 14 days
- YourOwnROOM manages service requests, audits, renewals, exits and refills.
- Owner and Tenant interact with YourOwnROOM using the technology platform which includes the interactive tenant and owner dashboards.
Gorish Dua
YourOwnROOM - Startup Launch
YourOwnROOM acquired its initial 100 tenants mainly through word of mouth, social media sales and a strong direct sales team.
"Our initial Inventory was of very high quality and 15 minutes from Business parks which accelerated the sales process" Prabhat added.
Getting them to buy its business model was the key, as Coliving in the initial days was a developing concept with only few options.
YourOwnROOM - Challenges Faced
"Most challenging part of our business was to build long term trust among our tenants and homeowners" says Prabhat Kumar Tiwary, Co-founder & CEO, YourOwnROOM.
The real test of the business was to have repeat customers. The first 2 years, YourOwnROOM focused heavily on picking the right asset, managing the same and servicing its tenants. This built great trust among tenants and homeowners which was key to building long term association. Today most homeowners sign over 5-year rental and property management contracts with YourOwnROOM.
Alan Joseph
YourOwnROOM - Growth and Turnover
YourOwnROOM is currently managing about 2K beds and have an annualized sales turnover of $1 Mn. In the next 3 years, its goal is to increase this to 10K beds with a sales of $ 6 Mn. Post that, the startup is looking for a major multi-city expansion which will put its growth on steroids.
YourOwnROOM - Funding and Investors
YourOwnROOM has raised a total funding of $1.3 Million from Angles in US and India.
| Date | Stage | Amount | Investors |
|---|---|---|---|
| 2019 | Seed | $1.3 Mn | Angels - US and India |
YourOwnROOM - Advisors and Mentors
Founders of YourOwnROOM feel extremely fortunate to have some very accomplished Industry leaders, who have invested in the startup and provides strategic direction. This includes Ravi Chaturvedi from US (former president of P&G), Narasimha Murthy (Co-founder of a Healthtech company based out of US) and Venkat Dasar (Senior Executive for a MNC IT services company).
YourOwnROOM - Competitors
The Top competitors of YourOwnROOM are - Nestaway, Colive, Zolo and Squareyards.
Tools used by YourOwnROOM
YourOwnROOM's core business is automated and runs on its PropTech Platform which is also one of the startup's biggest differentiators. In addition, it uses several tools to manage CRM, IVR, Ticket Management. The startup has also built integration with KYC systems and various payments gateways. YourOwnROOM also has an online method to sign agreements with its tenants, owners and vendors.
Ankana Bhowmik
YourOwnROOM - Awards and Recognitions
YourOwnROOM received several awards. The Most prominent ones being -
- It was an honor for YourOwnROOM to get recognized by International Brand Equity in the India Properties Award - 2020 as the Best Coliving Company in South India. Award was felicitated by Senior Politician Tanveer Ahmed. Grabbing the award for best Coliving company India in one of reputed India’s National Real Estate Awards platform, it is the proof of the credibility of the company.
- Your Own Room Received ETNow Award 2019 for Excellence in Real Estate as the Company of the Year (Co-living Spaces). This is one of the most significant achievements for the company in the Real Estate.
- YourOwnROOM received Paul Writer’s 50 hottest Brand for 2019! YourOwnROOM was proud to share stage with Brands like Swiggy, Byjus, BigBasket and the likes.
YourOwnROOM - Future Plans
Over the last 5 years, YourOwnROOM has built a very strong foundation. This includes a very strong PropTech platform, 2K of beds across Bangalore and Pune and a very strong operations engine – process and team. In the next 3 years, its goal is to increase this to 10K beds with a sales of $6 Mn
Next 2-3 years is all about profitably scaling its business. YourOwnROOM plans to increase its penetration in Bangalore and Pune in chosen micro markets. It plans to launch in another 4-8 cities in the next 2 years.
YourOwnROOM is also planning to take its technology platform to the next level. The startup is also planning to establish stronger B2B partnerships with Developers and Real Estate Funds to setup partnerships and Joint ventures to acquire large Buildings and large Inventory and manage them for multiple years. There are some very promising conversations going on.
YourOwnROOM - FAQs
What is YourOwnROOM?
YourOwnROOM is a residential real estate PropTech rental and property management company. It was incorporated in Feb 2016. The PropTech platform enables onboarding and management of residential assets in multiple formats including co-living homes, alternate assets and family homes.
Who founded YourOwnROOM?
YourOwnROOM's founders include Prabhat Kumar Tiwary and Sachin Joshi who worked together in the last 2 companies before starting YourOwnROOM.
How much funding has YourOwnROOM raised?
YourOwnROOM has raised a total funding of $1.3 Million from Angles in US and India.
How much is YourOwnROOM's turnover?
YourOwnROOM has an annualized sales turnover of $1 Mn.
When was YourOwnROOM founded?
YourOwnROOM was launched in 2016.
Author: Jeenal Jain
Source : https://startuptalky.com/yourownroom-success-story/
Date : 2021-06-23T11:11:32.000Z