August 2019: Relocatte, a tech-enabled real estate startup, offers beautifully furnished & equipped premium apartments on rent suitable for business travelers and senior executives travelling to India for short term and mid term. Founded with a budget of ₹20 Lacs in December 2015, Relocatte is now clocking a revenue of ₹20 Cr (translates to $3 million) per annum. Relocate is bridging the gap between the high demand of service-oriented premium apartments and the lack of their supply in India.
When it comes to serving senior professionals and expats, the situation is different from the regular market, which mostly involves targeting millennials with PGs or co-living spaces. Senior professionals, on the other hand, seek a service-oriented housing solution instead of a cost-oriented one. There are more than 10.2 million houses available for rent in urban India. However, not more than 10%-15% of this space is effectively furnished and property owners are not capable of providing post check-in services.
This lack of ready to move-in apartments is what results in the gap between demand and supply in the premium rental market. The currently available property search engines feature listings posted by brokers, wherein reliability becomes a huge concern, thus increasing trust deficit. Existing companies deliver mediocre apartments while there is a seperate furniture rental business but there was no one-stop-shop solution to this demand.
Relocatte leases properties for a long term (usually for 3-5 years) from property owners by giving them rental assurance. It furnishes the properties thoughtfully, making them available for stays ranging from 1-12 months. With impeccable furnishing, ample amenities and client servicing through the service app, Relocatte provides a hassle-free living experience for corporate and individual clients. Relocatte apartments are located in proximity to major business hubs, currently available in South Delhi, Gurgaon, Manesar, and Neemrana. Relocatte can even fulfil custom demands of tenants in terms of furnishing, amenities, and other services.
All the ready-to-move-in properties are listed on the website while post check-in services can be managed with the app, which is backed by tech professionals and service managers, Tenants can directly book from the website, eliminating the middlemen. Since all the properties are leased after strict verification of the properties as well as the owners, Relocatte has managed to curb the trust deficit completely.
“The key is to match the expectations of the high-level tenants. Hence, we also deliver custom requirements such as a particular mattress of their liking or sometimes even a house help. 24×7 call support further adds to the satisfaction of the tenants. What we have done is to merge the on-ground demand and delivery through a completely online solution,” said Deepanshu.
Relocatte is currently managing 125+ apartments across the NCR region with a turnover of $18 million. They plan to add 2500 properties in 12 locations by 2020 and 7000 properties by 2024. To meet this target, they are in talks with some investors and plan to raise Series A funding soon.