New Delhi: AI-driven home rental marketplace FastFox on Tuesday announced its plans of raising USD 10 million in the next round of funding.
The platform, which is in talks with Private Equity firms and institutional Venture Capitalist Funds from India and across the globe, has been clocking in a consistent growth of 20% MoM since the launch of its Open House model early this year.
The raised funds will, moreover, support its inventory acquisition to ensure a smoother national rollout of the innovative concept.
"We are looking forward to tap into this prevalent demand and would like to ensure adequate capital before we rollout nationally," said FastFox CEO, Pallav Pandey.
FastFox has grown fourfold since the launch of its innovative Open House model. It now commands 5% share in the overall rental transactions of the fragmented Gurgaon market and accounts for Gross Contract Value run rate of USD 24 million - which is by far the highest across India. The now-announced funding round and subsequent expansion is only going to take this figure much higher.