How & When OLE ROOMS rasied over 2.5cr funding from an Indian Angel Investor
Relocating to a new city can be an exciting experience, whether it's for work, education or any other significant life event. However, finding a suitable place to live can be a daunting task, especially for students starting new educational programs. Parents are often concerned about finding a secure and affordable location for their children to live in. OLE ROOMS aims to address this issue.
OLE ROOMS is a start-up that offers an online platform for renting hostel rooms, PG rooms, flats/apartments, guest houses, and home rooms at reasonable rates, without any brokerage charges. Founded in 2018 by Devendra, OLE ROOMS aims to provide a network of rooms that offer better facilities and easy living options, transforming the way people stay away from their locations.
OLE ROOMS offers a wide range of accommodations that can be rented through their online platform, with prices as low as INR 199/- per day. The idea for the start-up originated in Sitapura, a locality in Jaipur, Rajasthan, which was chosen for several reasons, including its status as an education and tourism hub, as well as an industrial area with many IT companies and BPOs. The service has since expanded to other major cities in Rajasthan, such as Kota, Bikaner, Ajmer, Bharatpur, and Sikar, and the founder plans to expand globally, with the next target being 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).
The aim of OLE ROOMS is not only to provide accommodation but also to maintain the quality of the room(s), its location, facilities, and availability of general amenities nearby. With a gradual increase in operations, OLE ROOMS now offers over 4000 properties for rent, starting from about 20 hostels and PGs. According to Devendra, the idea of OLE ROOMS came to him when he was 17 and was searching for a place to stay in Kota, Rajasthan, as he was planning to prepare for his JEE exams.
He recalls a difficult experience where he and his father searched for a suitable room in Kota, Rajasthan one day before he was supposed to move there for JEE preparations. Despite their diligent search throughout the day, they couldn't find a suitable option. In addition, his father, who has diabetes and high blood pressure, started feeling unwell during the search and they had to go to the hospital. This experience made Devendra realize that many people face similar challenges in finding suitable accommodation. He then decided to create a platform where people can view fully furnished rooms and book them for just INR 199 per day. At 23 years old, Devendra is currently studying at Poornima College of Engineering in Jaipur.
Due to the high concentration of engineering colleges in Sitapura, Jaipur, the founder of the start-up initially chose it as the first area to offer three services: hostel rooms, PG rooms, and flats, with just one hostel in 2018. According to Devendra, the company has since expanded to over 3000 hostels, PG rooms, and flats, as well as having over 3000 customers and 50 B2B partners, some of which also offer lunch services. "It brings me immense satisfaction when customers come and tell us that our service has saved them time and money. OLE ROOMS' primary goal has been to save people from the inconvenience, time, and cost of finding suitable accommodations," he said.
Mr. Devendra Sharma, a young entrepreneur, has received recognition and awards for his start-up venture. He has been praised by Smt. Vasundhara Raje, former Chief Minister of Rajasthan, and awarded the Best Young Entrepreneur Award 2022 by Indian Achiever’s Forum. In addition, he has been bestowed the Best Entrepreneurship Award in 2019 by S. Rajesh, CEO of Reliance Jio. Through his start-up, he has had the opportunity to meet with prominent personalities 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 acknowledges his mentor, Mr. Mahavir Pratap Sharma, Chair of the Board of Trustees at TiE Global and Chairman and Co-founder of RAIN (Rajasthan Angel Innovators Network), for providing invaluable guidance.
Owing to a recent funding of over INR 2.5 Cr from an Indian Angel Investor, OLE ROOMS is expanding its reach to other cities. Devendra aims to generate around INR 10Cr in fundings to support the expansion to tier 1 and tier 2 cities. Collaborating with different property owners and customers in B2B (business to business) and B2C (business to customer) models, the founder plans to expand to over 15000 properties and over 10000 customers by the end of 2023.
OLE ROOMS (FEELS LIKE HOME) is a unique service that was established in Rajasthan on July 1st, 2018. The company's name is short for Own Linking to Entire rooms. It serves as a reliable community marketplace where individuals can list, explore, and book exceptional lodgings in Jaipur either online or via phone support. OLE ROOMS provides access to distinct experiences at affordable prices.