SoulRooms
An entire generation is being priced out of the home rental market in most of the densely populated cosmopolitan cities around the world. At a time when renting alone is no longer financially feasible, people are turning to the unorganized online market – where you either get lucky or end up being wrong.
SoulRooms rent all-inclusive furnished rooms in Toronto’s downtown core. Their aim is to make renting affordable, convenient, and communal for young professionals starting a new journey in the city.
Traction
SoulRooms manages over 40 properties in and around Toronto’s downtown core and have acquired over 100 customers/tenants with annual rental revenues in excess of a million dollars. Their growth rate is just shy of 30% month on month.
They have partnered with one of the biggest landlords in the downtown core in addition to establishing partnerships with reputable immigration companies and central universities who trust them to provide a quality living experience every single time.
Their biggest hurdle at this point is to scale effectively. SoulRooms’ customers definitely see value in what they have to offer and their next couple of years will be spent ensuring they grow from 100 to 2000 rooms while maintaining the excellent service standards they have set for themselves.
Team
Arnab Dastidar, CEO – Arnab is an asset and investment management professional in the real estate industry. He has worked with various teams over project feasibilities, planning, monitoring, value creation & data-based decision making on projects of up to $5 billion. A dean’s list MBA graduate from the Schulich School of Business, SoulRooms Inc. is his brainchild which he took from idea to revenue in 7 weeks.
Gaurav Madani, CMO – Also an MBA graduate from Schulich, Gaurav has spent most of his career scaling the sales and marketing division of a food-tech company across India and New Zealand. In charge of all things marketing, he has made SoulRooms a place over a hundred people come home to.
Zain Nathoo, CIO – With the experience of working for some of the biggest firms in North America under his belt along with a master’s from Columbia in real estate, Zain is well acquainted with the industry and its networks. He is currently pioneering the investor and developer partnerships for the company that will help SoulRooms scale new heights.
Funding
SoulRooms are looking to secure funding to accelerate their growth. The funding will be utilized towards enhancing tech-integrations across the board. In addition, they would like to get more hands-on-deck that can help improve the landlord and customer on-boarding process, which will in turn enhance customer experience.
They intend to grow their tech and partnerships team this year in order to keep up with their growth target. They believe other markets, such as Vancouver, North York, and Mississauga, where average rents per square foot is high, as is demand from young professionals, would benefit from a co-living solution.
Revenue Model
SoulRooms’ current revenue model is based on rent arbitrage. They earn revenue on the differential of higher rents generated via co-living.
Details
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