Atul Jalan, founder CEO of IT analytics Manthan Systems, has invested in Bangalore-based tech-enabled residential rental management startup City Synapse Information Pvt Ltd, that runs Zenify.in, in his personal capacity.
Zenify has also received funding from Gana Yantrika Systems led by Anant Pandit as part of the angel investment round.
Founded by three IIT Madras graduates Sudarshan Purohit, Ankur Agarwal and Kailash Rathi in 2012, Zenify.in manages the entire life cycle of a rental agreement. It takes up properties from landlords and rents it out to tenants. The company manages 1,500 residential properties in Bangalore which fetch monthly rentals starting from Rs 15,000 to Rs 45,000.
"The current rental market size is approximately $20 billion in India in cities. There is a growing demand for organised property management services in metros," said Jalan.
"Zenify, with its dynamic ideas and unique offering is catering to this demand to a great extent. The company has the potential to scale up higher and reach out to a wider audience," he added.
"We are an analytics driven company and the support from Atul and Anant, stalwarts in the field of analytics, will help us scale up as we target to cover all metros in three to five years," said Purohit, co-founder and CEO of Zenify.
He claimed that half of the the transactions on Zenify's platform have been done entirely online.
"Everything from searching property and signing agreement is done online," Purohit said.
The company claims to have a proprietary analytical model to determine rent of each flat.
"Zenify's business model is one of its kind and it is emerging as a key player in the online rental and property management space. Zenify's business model enables it to drive an initial customer engagement to fulfilment," said Anant Pandit.