Saturday, October 1, 2022
HomeInsightFunding Alert OLE ROOMS raises over INR 2.5 Cr funding from Indian Angel...

[Funding alert] OLE ROOMS raises over INR 2.5 Cr funding from Indian Angel Investor

OLE ROOMS, a trusted community marketplace for people to list has recently received funding of over INR 2.5 Cr from an Indian Angel Investor.

OLE ROOMS, a trusted community marketplace for people to list has recently received funding of over INR 2.5 Cr from an Indian Angel Investor.

Moving to a new city is an exciting experience! The move is a new start – whether for a job, studies or any other major life event. However, getting everything ready, including finding a place to live, is a significant challenge for all. This problem is especially prevalent for students who are starting new education programs and are moving to a new city. With parents’ concerns of ensuring a secure and affordable location to live, the struggle to find a suitable residence is quite significant. This is where OLE ROOMS comes to your aid.

OLE ROOMS is a start-up that provides services to easily rent a hostel room, PG room or a flat/apartment, Guest houses and home rooms, at a reasonable cost, all through an online platform.

Started in 2018 by Devendra, OLE ROOMS offers a selection of rentable spaces which a customer can directly connect with and rent, without dealing with any brokerage charges. The primary mission has been to build a network of rooms to convert the way people stay away from their locations, providing better facilities, with easy ways of living.

The list of available accommodations is organized by city and may be rented out for as low as INR 199/- per day. The concept of OLE ROOMS started out in a locality, Sitapura, in Jaipur Rajasthan. Why Jaipur? Devendra enlightens that there were several reasons for choosing Jaipur, primary of which is that Jaipur is an education hub as well as one of the more popular tourism centers. In addition to that, Jaipur is an industrial area and is home to IT Companies, BPOs etc. So Jaipur sees a lot of people regularly moving and searching for residences.

As of 2021-2022, the operation of OLE ROOMS has expanded to different major cities in Rajasthan including Jaipur, Kota, Bikaner, Ajmer, Bharatpur and Sikar. The young founder envisions a global expansion of the service with his next target set on major hubs across India, such as Delhi-NCR, Lucknow (Uttar Pradesh), Indore (Madhya Pradesh), Bhopal (Madhya Pradesh), Patna (Bihar), Dehradun (Uttarakhand), Chandigarh, Mumbai (Maharashtra) and Pune (Maharashtra).

Read also – Transformed small idea into high profitable startup | OLE ROOMS | Devendra Sharma

The objective is not just to provide a living space, but to ensure the standards of the condition of the room(s), its location, living resources and the availability of general amenities at the locations or nearby. Observing a steady expansion, what started with around 20 hostels and PGs has now expanded to over 4000 properties that are available through OLE ROOMS.

Explains Devendra, that the concept of OLE ROOMS came into realization at the age of 17, when he himself was searching for accommodation in Kota, Rajasthan as he planned to start his JEE preparations.

He describes the challenging experience – “My father and I went to Kota to search for a room one day prior to when I had to move to Kota and despite searching diligently for the entire day, we did not find the most suitable options. While searching, I could see that my father, who is diabetic and a patient of blood pressure, was starting to feel unwell. So much so, that we ended up going to the hospital”. With such a distressing experience, Devendra realized that this challenge of finding suitable rooms and accommodation must be faced by so many on an everyday basis. “I decided to make such a platform where people can see a fully furnished room and book it for a single day for just INR 199 per day,” shares the now 23 year old, and a student of Poornima College of Engineering in Jaipur.

With the higher density of engineering colleges in the Sitapura area of Jaipur, the entrepreneur chose it as his first area. Initially beginning with three services for his start-up (hostel rooms, PG room and flats) and one hostel in 2018. “We have expanded to over 3000 hostels, PG Rooms and flats since then along with over 3000 customers and 50 B2B partners, with locations also offering lunch services”, explains Devendra. “It makes me very happy to speak with customers when they come and tell us that our service has saved them both time and money. The goal with OLE ROOMS has been primarily that – saving people the hassle, time and money”.

Read also – [Funding alert] FS Life raises Rs 50 cr in Pre-Series B funding

As a young entrepreneur, Mr. Devendra Sharma has been appreciated by Smt. Vasundhara Raje, former Chief Minister of Rajasthan; has been awarded the Best Young Entrepreneur Award 2022 by Indian Achiever’s Forum. He has been accolated with Best Entrepreneurship Award in 2019 by S. Rajesh, CEO of Reliance Jio. Through his start-up, he has had the chance to meet with visionaries like Sh. S. Rajesh (CEO of Reliance Jio), Anurag Jain (Founder & CEO of Car Dekho & Grinar Soft), Ajay Data (Founder of Data Infosys) and Satyam Modi (Vice President of HDFC Bank).

Devendra fondly acknowledges his mentor, Mr. Mahavir Pratap Sharma, Chair of the Board of Trustees at TiE Global, Chairman and Co-founder – RAIN (Rajasthan Angel Innovators Network) for the continuous and invaluable guidance.

“We are moving faster than ever before,” comments Devendra and shares that OLE ROOMS has recently received a funding of over INR 2.5 Cr from an Indian Angel Investor. Devendra plans to use this investment partly to increase the reach of OLE ROOMS Services in other cities. Furthermore, the aims are to further generate around INR 10Cr in fundings to support the expansion to tier 1 and tier 2 cities. Working in collaboration with different property owners and customers in B2B (business to business) and B2C (business to customer) models, the founder is set to follow his plans of expansion to over 15000 properties and over 10000 customers by the end of 2023!

Read also – [Funding alert] Univest raises pre-seed funding of Rs 3.8 Cr

About OLE ROOMS

The company’s name expands to Own Linking to Entire rooms. OLE ROOMS (FEELS LIKE HOME) was founded on 1 July, 2018 and is a one of its kind service based out of Rajasthan. It is a trusted community marketplace for people to list, discover and book unique accommodations in Jaipur city-online or by phone support. OLE ROOMS connects people to unique experience at absolutely reasonable prices.

RELATED ARTICLES
- Advertisment -

Most Popular

- Advertisment -

Also Read

- Advertisment -
Newsletter

Subscribe to our weekly newsletter and don't forget to check out the latest updates.