Flatmatch Technologies Private Limited was established on the 13th of December, 2019. It is a non-government organisation that is registered with the Registrar of Companies in Mumbai.
About The Founder
Mr Paresh Bansod arrived in Mumbai in 2011 after being accepted into the VJTI college. He graduated from VJTI in Mumbai and worked as a full-stack developer for an MNC for four years.
Paresh had to struggle to find a decent place to live because he had not yet been assigned to the hostel. Then he realised that he needed to fix the problem so that he didn’t get into any trouble in the future. He created a solution in 2016. However, it was a half-hearted effort that he undertook part-time.
Paresh shared a leased flat in Pune with his childhood friend Buddhabhushan Naik. They established the business at their permanent residence address. They didn’t hire any office space, which he believes was a sensible option given the current work-from-home situation.
The duo thought that because they both experienced the challenges firsthand and spoke with genuine customers before releasing their product, they understood what was missing in the present market and existing solutions. They released an official app, “FlatMatch.”
Paresh put a lot of effort into the FlatMatch app’s complete backend architecture, allowing users to look for complete flats or shared flats. If the user desires, they can connect with another flat seeker. For this, they use a proprietary roommate matching algorithm. People, they believe, are more important than places. It is the people that make a house a home.
Mr Paresh Bansod and Buddhabhushan Naik
Parish and Buddhabhushan encountered difficulties in non-technical departments because they came from a technological background. They created a simple website that helps in finding flats and flatmates in Pune and Mumbai.
Something unexpected happened in March 2020, for which they were unprepared. The pandemic struck them hard, and they were severely impacted. The number of visitors to their website plummeted.
They were undecided on whether or not to proceed. They started ancillary services which received positive feedback.
Paresh was initially introduced to brokerage when looking for rented houses in Mumbai. He had to make adjustments with flatmates with whom he was not very fond. Throughout his transition from student to working IT expert, the challenge of locating a flat and flatmates plagued him.
He quit his job in June 2019 to pursue business full-time. Buddhabhushan Naik, a talented android developer and a childhood buddy, joined him in forming FlatMatch Technologies Private Limited in December 2019.
As a bootstrapped firm, handling cash was one of their primary concerns, exacerbated by the pandemic. The following listed below were some of the prominent clientele-
- One of the leading investment firms -India Quotient, approached them.
- One of the angel investors from Mumbai
- AWS credits from the IITB incubation centre
- Etohum accelerator, which will cover the server costs for their mobile application
- Gujarat University Startup
Entrepreneurship Council (GUSEC)
- Startup Istanbul
The Business Model and Revenue
Currently, the company has two revenue sources, firstly allowing app users subscriptions with various degrees of service based on plan pricing. The second way is through supplementary services, such as rental agreements and movers and packers. In the future, they intend to expand their range of supplementary services.
Paresh put all of his savings into his firm, but he was conservative with his spending. During the second wave, they do not rent office space and spend much money on marketing. The AWS credits paid the cost of their infrastructure.
They run online ad campaigns, design visuals, and make demo movies, among other things. Their services and initiatives have a significant impact on people in business community. They offered FlatMatch below-market pricing to collaborate with them.
FlatMatch’s key priority right now is to secure the funding. On the product front, they are receiving user input for the app, which they are responding to and will continue to do so. Despite having a presence across India, they are mainly concentrating on the Mumbai and Pune markets.
Next year, they want to reach 1 lakh users and convert 5% into paying clients. In the next two years, they hope to join the Bangalore, Delhi, and Hyderabad markets.