When it comes to real estate, there is no transparency as well as lack of information. When Karan Chopra and Amit Banerji were thinking of how to find a solution to these two big issues, they came up with an idea of PurpleYo, an online platform that brings real estate owners- developers, landlords and big commercial project developers and buyers, and office seekers on one platform.
It’s close to two-and-a-half years now since PurpleYo was launched, and since then, there’s no looking back for this startup. “When we decided to start the largest office solutions platform, we zeroed in on Bengaluru, as it is the IT hub and also we can hire the right people,” says Karan Chopra, who is the co-founder of PurpleYo.
Slowly, the startup started attracting a lot of customers and also corporates. “There is a lot of demand in the real estate space, and our idea is to fulfill the demand. It’s not just finding the space, but also helping clients in getting loans, recruitment and so on,” says Chairman and Managing Director Amit Banerji.
The startup acts as an office solutions provider by providing all related services like interior fitment, and assistance in funding, among others. It is the largest online platform with more than 750 million sq feet listed on its website, and close to 42,500 listed properties. There are more than 5.78 lakh active users.
“Over the last quarter, we have been doing lot of business services so as to fulfill demands of our clients. It’s like you take care of your business and we will do the rest. Close to 3,000 clients are joining us every month, and of them 90% are SMEs,” says Banerji, adding that the Indian SME industry is very underserved.
From a small team, the startup has grown to a 55-member team, with nearly 10-15 people working exclusively in developing technology.
PurpleYo has developed its own real estate software called ClamHub that generates and tracks all leads and customer data and interactions in one place.
About future plans, Banerji says they look at improving the serviceability. PurpleYo is also into co-working space called Table Space. It will be launching the first co-working spaces in Hyderabad next month, and the startup is also looking at many such co-working offices across the country.
According to a recent study by property consultant JLL, co-working spaces will grow by 50% to over one million sq feet by the end of this year.
“When you are in a co-working space, there is a lot of flexibility, and we see lot of demand in this space,” says Banerji.
The self-funded startup has been generating good revenues and it has been profitable from the second year of its operations. Now, it’s looking to raise funds and expand its business.