Mumbai-based holiday home fractional ownership platform ALYF has raised $1.5 million in a seed funding round led by 9Unicorns and Venture Catalysts.
According to the company’s statement, the startup will use the raised capital for business expansion, brand marketing and enhancing technology to democratise the space.
Founded in June 2022 by Saurabh Vohara (Ex-Business Head of NoBroker) and Karan Chandiok, ALYUF says it is building India’s first technology-enabled marketplace that makes holiday home ownership accessible, enjoyable, and hassle-free.
The platform offers a smart ownership model where a property can be owned individually or by a maximum of 8 owners (12% each).
In return, Each smart owner gets 44 days for self-use and has the option to put it on rent to third parties. ALYF says it ensures the properties are curated through various parameters, including the best-negotiated price, extensive legal & due diligence, best-in-class architecture and bespoke interiors. It said one could also opt for the Zero maintenance offer of ALYF.
“The pandemic was an eye-opener for all of us. Confined to our city homes with little space to thrive, most of us wished we had a holiday home. Some need a quiet place to work, and some need enough space for their children to run and family members to coexist while creating memories,” said Saurabh Vohara, Founder and CEO of ALYF.
“Our research shows that 78% of individuals earning upwards of INR 30 Lacs annually aspire to own a holiday home. As per our estimates, the current market size in India is $3 billion and has the potential to grow to $15 Billion in the next three years, if the hassles around ownership and management can be addressed smartly,” Saurabh said.
Source @Indianstartupnews
