October 25, 2024: Renting platform CirclePe has announced the launch of its exclusive CirclePe Club, aimed at supporting 10,000 tenants to secure zero deposit rentals and providing landlords with Rs 100 crore in advance rent. Specialising in zero-deposit rentals, the company enables tenants to move into properties without the burden of security deposits for the first time.
CirclePe achieves this by paying landlords the entire lease amount upfront and offering a company-backed guarantee for any potential damages. This model alleviates the need for landlords to request a deposit and allows tenants to move in seamlessly while continuing to pay rent monthly. The CirclePe Club is open to tenants who pass a trustworthiness check, fostering an elite community free from security deposit worries. This membership-based approach redefines the renting experience, ensuring landlords have peace of mind with verified, reliable tenants.
The process begins with tenants identifying a suitable home through a broker or online listing platform. After selecting a property, they complete a quick trustworthiness check on CirclePe’s platform. Once approved, CirclePe invites the landlord to join the exclusive club, ensuring they receive nine months of advance rent along with a guarantee for potential damages. This efficient system allows tenants to transition into their new homes without the stress of a security deposit, while landlords benefit from advance rental payments and damage assurances.
By 2025, CirclePe aims to significantly scale its operations, targeting the onboarding of 10,000 tenants into zero deposit rentals and facilitating Rs 100 crore in advance rentals to landlords. Co-founder Navan Jaiswal said, “At CirclePe, we aim to remove the financial stress for reliable tenants, giving them the freedom to move into their desired homes without hefty security deposits. Landlords also benefit by receiving the entire rental amount upfront and a guarantee for potential damages. Our platform fosters trust between landlords and tenants while offering property management support through our partners if needed.”
Co-founder Ankur Yadav said, “Landlords often struggle with unreliable tenants and managing rental payments. With CirclePe, landlords receive their rent in advance, along with the assurance of trustworthy tenants. Our model protects them from risks associated with property damage or early vacancies. It’s a win-win for both parties.”
According to CirclePe, the company envisions a future without security deposits in India’s rental market. Unlike traditional insurance solutions, it provides landlords with upfront cash for the entire lease and a damage guarantee, significantly mitigating risks linked to vacancies or tenant-related issues. The startup, founded by IIT and IIM graduates, is supported by prominent investors, including OTP Ventures, IIT Delhi Endowment Fund, iSeed, 1947 Rise, and Venture Catalysts, along with unicorn founders and CXOs. The company is dedicated to educating landlords about the advantages of its platform, which include higher rental yields and a reliable, vetted tenant base. Membership will always remain free for qualified tenants.
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