Rental brokerage startup FastFox.com have bagged $4.6 Million(Rs.30 Million) from Lightspeed India Partners, Blume Ventures, CyberAgent Ventures and other Angel Investors. It is also said that GrowX ventures and IMJ Investment Partners also participated in the funding round.
The new funds will be used in improving its technology solution, perfecting its service delivery model, and expanding the team to engineering, sales, and operations. Previously, in 2015 the startup raised Rs.6 Crore from LightSpeed Indian Partners.
The Gurgaon, Haryana-based startup was founded in the year 2014 by Pallav Pandey and Anshul Gupta. FastFox is a Home rental startup which allows home seekers to check pictures and in-depth information about 1000s of real time available properties, schedule house visits and finalise with the landlord. It uses technology to ensure that 100% of the homes listed on FastFox.com are authentic and available for immediate visit and closure.
Anshul Gupta, CEO of FastFox said, “The new round of funding allows us to work a lot on process improvement and fine-tune our backend algorithms to improve the matchmaking process. It is an evolution, requiring trial and error, and we will be investing significantly in technology and engineering.”
Lightspeed Venture Capital does Seed and Early Stage Venture Investments. They invest in direct and cross-border Indian companies since 2004 and has an Indian advisory team with offices in New Delhi. Their principal goal is to provide talented entrepreneurs and their teams with growth or early-stage capital, coupled with ongoing consulting and advising to help them disrupt and transform large markets in the domestic economy.
Dev Khare, Partner at Lightspeed India Partners Advisors said: “Pallav and his team have shown us that there is a large market in rentals that suffers from India-specific problems such as information scarcity, information asymmetry, trust deficits and small local networks, all of which can be solved through the power of the Internet and a tech-enabled approach like Fastfox.com.” Read more about Indian Startups.
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