Zenify raises $1million in Pre-series A funding round led by HNI

[dropcap]A[/dropcap]iming to enhance its capabilities before expansion into the markets of Delhi and Mumbai, Bangalore-based home aggregator and rental management startup Zenify has raised a pre-series a funding of $1million from High Networth Individuals (HNIs), who have a minor stake in the company.

Zenify is also in talks with venture funds to raise around $5 million to fund its expansion plans.

Sudarshan Purohit told media, “The company will use the funds to enhance its technology and analytic capabilities, along with entering new markets such as Mumbai and Delhi.” He did not share the stake HNI is holding in his company.

“Many HNIs who had built bigger organizations are now willingly sharing their wealth with startups, a culture that took shape in the US. We are evaluating best funding option as they we have received many queries from investors,” he added.

This is the second round of funding raised by Zenify. The company had raised Rs 4.15 crore in angel funding from a group of investors last year, which included MSC Srikanth and M Bharath from K12 Techno Service Pvt Ltd and Atul Jalan, founder of Mathan Software Service Pvt Ltd.

Seeing almost 100% growth year-on-year, there are plans to manage properties worth Rs 1.5 lakh crore in the next five years. It manages 2,000 rental properties in Bangalore, 40% of which belong to non-residential Indians (NRIs).