"Ever felt frustrated paying a massive security deposit just to rent a home? What if you could move in without one?"
At CirclePe, we’re making renting deposit-free for tenants while ensuring upfront payments for landlords. It’s a win-win—renters keep their cash, and landlords get peace of mind. Backed by marquee and leading investors, CirclePe is on a mission to revolutionize renting for 170+ million urban Indians. Think of us as the UPI of renting—seamless, Instant, and stress-free. Ready to Rent Smarter? Join us at CirclePe and say goodbye to Security Deposits forever!
Problem Statement For Tenants :
Problem Statement For Landlords :
Yes, CirclePe has achieved PMF and reasons are as follows
1: 20000+ Users Onboarded & Using the Product
2: Customers have reached the AHA Moment
3: Testimonials & Reviews on the App store and Play Store.
To Understand Acquisition Channels, Their Pain Points and Desires, and the Typical Journey of Renting a Apartment
These are the actual interviews conducted among my family, and colleagues who are currently renting a flat in Bengaluru. Also conducted an Interview with my Landlord to understand his perspective on the security deposit and if he would use CirclePe.
(Though they are currently staying in an owned house, this Interview is mostly based on their experience of renting in New Delhi and Bengaluru.)
Some Background: Rahul and Aastha are a married couple who moved to Bengaluru from New Delhi in 2019 for better job opportunities. Rahul is currently working in Zepto as D2C Partnership Director & Aastha in Google Pay as Product Marketing Head.
Rahul: When we decided to relocate, the first thing we looked for was a 2/3 BHK apartment near our office in Bellandur. Searching for apartments in Bengaluru while sitting in New Delhi was quite a challenge.
We trusted the NoBroker app and found a few listings that matched our requirements. But one thing that really bothered me was the security deposit. None of the landlords were willing to accept anything less than 10 months' rent as a deposit. Apparently, this was the norm in Bengaluru.
Back in Delhi, we were used to paying only six months deposit, which we were comfortable with. But here, the expectation was 10-12 months, which felt like a big financial burden."
Rahul: In Bellandur, we rented a 3BHK apartment for ₹52,000 per month. The landlord required a security deposit of ₹5,20,000—which was 10 months' rent upfront."
Rahul: So, Bengaluru has another strange norm—when moving out, you’re either required to repaint the apartment at your own expense or the landlord deducts one month’s rent from your deposit to cover the cost.
We decided to get the apartment repainted ourselves, which cost us ₹30,000. A few days after we vacated, we received our remaining security deposit."
Rahul: Absolutely, without a doubt!
The ₹5,20,000 we had to lock up as a security deposit could have been better utilized—for relocation expenses, interiors, or even investments. If I had put that money into equities, I would have earned better returns instead of letting it sit idle for months.
Some Background: Pooja and Pavneet work as a Brand Executive and Social Media Manager at Sumadhura. They’ve been living in Bengaluru for over a year and earn around ₹35,000 per month. Previously they were staying in a PG and moved to a rented 2BHK 3 months back.
Pooja: When I first moved to Bengaluru, staying in a PG felt like the most convenient option. I was adjusting to a new job and an unfamiliar city, so it made sense at the time.
But over time, it started feeling too restrictive—no late-night entries, boring meals, and zero privacy. I realized I needed a place where I had more control over my own space. That’s when we started looking for a 2BHK apartment near the office.
Pavneet: We were looking for a semi-furnished 2BHK in a decent society, preferably in Bellandur or Marathahalli, since we didn’t want to live too far from the office.
For me, the most important thing was flexibility and comfort—having my own space, being able to cook whenever I wanted, and not having to worry about PG rules.
First, we asked a few colleagues and friends if they knew of any available flats. At the same time, I started looking on NoBroker.
The rent seemed reasonable, around ₹15,000 to ₹20,000 per month, but the security deposits were ridiculous—most landlords were asking for ₹2 to ₹2.5 lakh upfront!
I tried negotiating, but none of them budged. In the end, we had to use our savings, which we had originally set aside for travel, just to pay the security deposit."
Pooja: "1000% YES! If we had known a service like CirclePe existed, we definitely would have used it.
Pavneet: Honestly, I wish we knew an option like this existed—it would have saved us from compromising on our plans."
Some Background: Rikin is a Chartered Accountant working in a tech company in Yelahanka. Before getting married, he was staying at his brother’s place, so he never had to worry about rent or PG accommodations. Last year, he got married to Ritika, an IT professional from Hyderabad. After marriage, they decided to rent an apartment and move in together.
Rikin: Living at my brother’s place was convenient—I never had to think about rent, deposits, or landlord issues. But once Ritika and I got married, we wanted our own space. We needed a place where we could set up our own home, have privacy, and create a routine that worked for both of us. Plus, my brother’s house was a bit far from her office, so moving made sense for both of us."
Ritika: It was way more stressful than I expected! I had just moved from Hyderabad, so I wasn’t familiar with the rental market here. We wanted a 2BHK, semi-furnished, close to Whitefield, but every listing we found had one major issue—the security deposit.
Most landlords were asking for 10 to 12 months' rent as a deposit. For a flat that was ₹35,000 per month, that meant around ₹3.5 to ₹4 lakhs upfront! I was shocked. In Hyderabad, we had paid just two to three months' rent as a deposit—this was so much higher.
Rikin: Of course! I asked multiple landlords if they’d accept a lower deposit, maybe three or four months instead of ten. There were few listings which were asking for 6 months deposit but we didn't prefer them coz of our lifestyle needs.
Ritika: Honestly, we didn’t want to touch our savings because we were already planning for other expenses—furnishing the house, buying appliances, and setting up our life together.
But since landlords wouldn’t budge, we had to take money from our emergency savings just to pay the deposit. We were hoping to use that money for a vacation after our wedding, but instead, it got stuck with the landlord.
Rikin: Without a doubt! If we had an option like CirclePe, we wouldn’t have had to block ₹4 lakhs just sitting there for a year. That money could’ve gone into investments or setting up our home instead.
Ritika: Exactly! If there was a way to pay a small fee instead of a huge deposit, we would’ve signed up instantly. I think a lot of young couples face this issue when starting out—it’s a huge expense that no one talks about until you start looking for a place.
Parameter | ICP 1 | ICP 2 | ICP 3 |
---|---|---|---|
Names | Rahul & Aastha | Pooja & Pavneet | Rikin & Ritika |
Age | 34M & 32F | 24F and 25F | 29M & 27F |
Location | Bellandur | Maratahalli | Whitefield |
Did they Relocate to new City? | Yes, both from New Delhi in 2019 | Yes from different cities | Yes, Ritika relocated from Hyderabad |
Financial Income & Status | Mid-level professional, earning well but affected by high deposits | Early Career Professionals. | Stable dual-income, CA & IT professional, comfortable but financially conscious |
Decision Making Factors | Wanted an apartment near the office; NoBroker helped, but high deposits were a deal-breaker | PG was convenient initially but lacked flexibility and privacy; wanted an affordable 2BHK | Needed their own space post-marriage, close to work, and financially reasonable |
Pain Points | Huge security deposit (Rs.5.2L for a 52K rent), high move-out costs, repainting deductions | PG Restriction and High Security Deposit. | Unrealistic Security Deposit. Had to use their emergency funds. |
Financial Mindsets | Prefers liquidity; would rather invest than keep money locked in a security deposit | Struggles with balancing affordability; wants flexibility but also needs financial stability | Planned finances well but had to compromise savings meant for home setup and travel |
Trust and Security Concerns | Worried about long refund delays and landlords deducting unfair charges | Concerned about not getting deposits back in full; prefers a structured system | skeptical about landlord fairness |
Desires | Better cash liquidity, wants money for investments or home setup | Wants flexibility, freedom, and privacy in a rented apartment | Wants to set up a new home without exhausting savings |
Hobbies & What do they like? | Investing, traveling, exploring new business ideas | Hanging out with friends, occasional travel, content creation | Traveling, home decor, watching financial & lifestyle content |
Criteria | ICP 1 | ICP 2 | ICP 3 |
---|---|---|---|
Adoption Curve | Low | Low | Low |
Appetite to Pay | High | Medium | High |
Frequency of Use Case | Medium | High | Medium |
Distribution Potential | Medium | High | Medium |
TAM | Medium | High | High |
ICP 2 (Pooja & Pavneet) are young professionals who have low adoption curve (As they are Tech enthusiasts and Open to exploring new things). They have high-frequency usage (They move between rentals more than others). They have High Distribution Potential and TAM (A large early professional population in Bengaluru actively seeks rental alternatives.)
Step 1: ICP's first find and finalize their Apartment to rent (Via various Portals or other methods)
Step 2: ICP's download the CirclePe app and connect their new landlord with CirclePe's team
Step 3: CirclePe team briefs Landlord about Club Benefits as follows :
1: Advance rent of 10 Months
2: 1 Month Security Deposit
3: Property Management
4: New Tenants on every renewal
Step 4: Once the Landlord agrees to Join, CirclePe pays the agreed amount to the Landlord and the Tenant can move in into their apartment without having to worry about a security deposit.
Step 5: Tenant/ICP pays their monthly rent via the CirclePe app with some additional platform fees.
Step 6: When Tenant plans to moves out, CirclePe checks for any damages or dues and collects the same from Tenant before exit.
Tenant: 3-4% of Platform fees is added to their monthly rent.
Landlord: get advance rent of the entire lease at a 2-2.5% discount.
For Example:
Monthly Rent = ₹10,000/-
Lease for Delhi NCR = 8 months.
Lease for other cities = 10 months.
For Tenant:
Monthly rent as No-Cost EMI: ₹10,000 + 4% Platform fees = ₹10,400/-.
For Landlord:
For Delhi NCR: Advance rent of entire lease: 80,000 (₹10,000 x 8) - 2.5% discount fees = 78,000 + 1 Month's rent as Security deposit.
For Other Cities: Advance rent of entire lease 1,00,000 (₹10,000 x 10) - 2% discount fees = 98,000 + 1 Month's rent as Security deposit.
✔ Saves lakhs of rupees upfront.
✔ No deposit stuck for years—cash stays liquid.
✔ No stress about getting the refund back.
✔ Faster move-ins without waiting to arrange a deposit.
✔ Guaranteed financial protection from CirclePe.
✔ No risk of tenants not paying rent or causing damage.
✔ CirclePe handles disputes & deductions, making the process smoother.
Though there are currently No direct competitors offering similar service, there are other Indirect competitors or Alternatives which our TG could use or prefer to use.
Competitor | Problem Solved | Target Audience | Pricing Model | Competition with CirclePe |
---|---|---|---|---|
Co-Living Spaces (Zolo, Stanza, Colive) | No deposits, fully furnished, short-term flexibility | Young professionals, digital nomads | Monthly rent with services, no/low deposits | Direct competition as they offer a deposit-free model with added services |
Institutional Rental Housing (BTR) (Grexter, Settl, CoHo) | Managed long-term rentals, professional property management | Mid-to-high income professionals, corporate employees | Higher rent, lower/no deposit, long-term leases | Competes on stability & structured renting but higher-end |
PGs & Traditional Hostels | Budget housing, meals & utilities included | Students, freshers, low-income workers | Lower rent & deposits (1-3 months), food included | Competes on affordability but lacks flexibility & privacy |
A Simple Comparison of the search trends among the Indirect competitions for a year shows Trends for Rental Apartments is higher than Co-living Spaces and PG Accommodation.
The trend for Apartments to rent is higher in Gurgaon and Bengaluru. Where for markets in Pune & Hyderabad there is an equivalent trend for Co-living and PG accommodation.
Method Used for Deriving the Estimates - Top-Down Model
Before we get into the above estimates, let's take a look at Existing Revenue Model of CirclePe.
For Example -
If a Tenant rent ₹20000 Per Month Apartments for 10 Months
He pays Platform fee of ₹6000 (20000 x 10 x 3% )
Landlord pays ₹4000 (200000 x 2%) ((Advance Rent Discount Revenue)
Total Revenue for CirclePe = ₹10000 Per Lease
If CirclePe Onboards 10000 tenants - 10000 x 10000 = 10 Crores per lease cycle
If CirclePe Onboards 1 Lakh tenants - 100000 x 10000 = 100 Crores per lease cycle.
We are using the formula:
Revenue Potential=Total Number of Potential Customers × Average Revenue Per Customer (ARPU)
where ARPU = ₹10,000 per lease cycle.
Total Population of India - 140 Crores
People who prefer renting - 42 Crores (Source - NoBroker)
TAM Revenue Potential - 42Crores X 10000 = 4,20,000 Crores ( 4200 Billions)
SAM Customers = TAM × 30% (CirclePe’s Target Market)
SAM Customers = 12.5 Crores
SAM Revenue Potential - 12.5Crores X 10000 = 1,25,000 Crores
SOM Customers = SAM × 50% (Tier 1 City Focus Market)
SOM Customers = 6.25 Crores
SOM Revenue Potential - 6.25Crores X 10000 = 62500 Crores
As CirclePe is in the Early Scaling Stage - The Objectives are to acquire users quickly, Build Trust, and establish a predictable Growth Loop.
Channel Name | Cost | Flexibility | Effort | Speed | Scale |
---|---|---|---|---|---|
Organic | Low | High | Medium | Slow | High |
Paid Ads | High | High | Low | Fast | Medium (Depends on Budget) |
Referral Program | Medium | High | Medium | Fast | High (If Viral loops Works) |
Product Integration | Medium | Medium | High | Medium | Medium |
Content Loops | Low | High | High | Slow | High |
Below are the 2 Types of Content Loops which I think will generate more engagement
Before investing in paid ads, it’s important to check if the cost to acquire a customer (CAC) is justified by the long-term value (LTV) of a customer.
CAC : LTV Ratio= Customer Acquisition Cost (CAC) ÷ Customer Lifetime Value (LTV)
LTV Formula:
LTV=ARPU X Average Customer Lifetime
₹400 : ₹20,000= ₹0.02
Since a healthy CAC:LTV ratio is around 1:3 (0.33), CirclePe’s ratio of 0.02 is highly profitable, meaning paid ads are viable. ✅
✔ Pain Point: Paying high-security deposits locks their cash.
✔ Desire: Keep savings for travel, investments, or living expenses.
✔ Platform to Target: Google Search (High Intent), Facebook & Instagram (Awareness, Conversion (App downloads), Retargeting)
✔ Pain Point: Just moved in together and don’t want to lock up savings in a security deposit.
✔ Desire: More financial flexibility while securing a good rental home.
✔ Platform to Target: Google Search (High Intent), Facebook & Instagram (Engagement, Visual Appeal & Social Proof).
To efficiently capture and convert users, we will focus on:
Each platform requires a unique targeting strategy to ensure high ROI.
Google Ads will focus on users actively searching for deposit-free rental solutions.
To optimize Google Ads, we will segment keywords based on search intent.
Keyword Type | Example Keywords |
---|---|
Transactional (High Intent – Ready to Convert) | Apartments to Rent, 2/3BHK for Rent |
Informational (Medium Intent – Researching Options) | How to rent a house without deposit?, alternative for rental deposit, Best rental schemes in India. |
Competitor-Based (Targeting alternative solutions) | Stanza Living, Co-living Places, Yellow Co-Living, PG near me etc. |
Brand Keywords (High Intent) | CirclePe , CirclePe Benefits, CirclePe Reviews, CirclePe Coupons |
Targeting Strategy for Google Ads:
✔ Location Targeting: Tier 1 cities (Bengaluru, Mumbai, Delhi, Pune, Chennai, Hyderabad)
✔ Audience Intent: People searching for rental properties in these locations
✔ Device Preference: Mobile-first (Most rental searches happen on mobile)
Residential Properties for Rent – Actively searching for rental homes
📌 Property Rental & Lease Services – Comparing rental options
📌 Credit & Loan Seekers – Interested in rent payment financing
📌 Moving & Relocation Services – Planning to shift homes soon
📌 Real Estate & Rental Seekers – People searching for homes
📌 Financially Conscious Consumers – Users looking for rent savings & EMI options
📌 Personal Finance & Credit Improvement – Interest in credit score benefits
📌 Young Professionals & Relocation Seekers – Job changers, students moving to cities
📌 Expats & Digital Nomads – Looking for hassle-free renting
📌 Tech-Savvy & Online Users – Engaged with fintech, property tech apps
Google lets you create custom intent audiences based on search behaviors and website visits. This is powerful for targeting users actively researching rental options.
Just like Google Discovery Ads, YouTube Ads can leverage targeted audiences to drive highly engaged renters & landlords to CirclePe through compelling video ads.
Since users don’t actively search for rental solutions on Meta, we will target them based on interests & behaviors.
We will use our best-performing audiences by targeting new people who resemble our existing high-value users.
Start with a 1%-2% Lookalike of converted users → Scale gradually if performance remains strong.
These ads are crucial for converting users who showed interest but didn’t complete the journey.
Below are the audience bucket whom we will use for retargeting
Each platform requires a unique pitch strategy to match the user’s intent and engagement behavior.
Headline: "Rent a Home Without a Security Deposit – CirclePe"
Description: "Why waste ₹2-5L on security deposits? With CirclePe, move in hassle-free & keep your savings intact!"
CTA: "Sign Up Now & Rent Smarter!"
Audience Type | Primary Message | Key Benefits | Call to Action (CTA) |
---|---|---|---|
High-Intent Audience | Skip the Deposit, Move in Today | Zero deposit homes, No-cost EMI, ₹500 off first rent | Download CirclePe & Start Renting Now |
Lifestyle & Behavior Audience | Renting Made Simple for Your Urban Lifestyle | Flexible payments, No security deposit, Hassle-free moving | Find a Zero-Deposit Home Today |
Lookalike Audience | Did You Know? You Can Rent Without a Deposit | No financial burden, Better rental options, Credit score boost | Learn More & Claim ₹500 Rent Discount |
Remarketing Audience | You’re One Step Away from Zero Deposit Renting | Complete sign-up, Flexible rent payments, Hassle-free renting | Finish Sign-Up & Unlock Your Benefits |
No, As per my research I didn't find any existing Referral offer or plan on the app. No mention of Referral on the Homepage or Profile Page.
Here's a Visual of how the AHA Moment will be experienced.
Customers will experience the AHA Moment once the first transaction is done successfully.
For CirclePe the Bragging Point will be the amount saved by not paying Security Deposit
For eg: I Just Moved into my Apartment with Zero Security Deposit 🤩
For CirclePe Users Money / Points is the best motivation.
Introducing Circle Points
For eg: For each successful referral - CX will earn up to 500 Circle Points
These Circle Points can be redeemed against the Platform fee when paying the next monthly rent.
Customers can Increase their Circle Points via Gamification & Leaderboards.
1: Colleagues working with them
2: Friends looking for Rented Apartment
3: Family or Friends relocating to a New City
Customers will discover about Referrals through the below touchpoints.
1: App Notifications
2: In App Banners on Home & Profile Page
3: Email Notifications
4: SMS Notifications
5: WhatsApp Notifications
6: Social Media Posts
Copy - "Hey { Referee First Name} Get your next rental home without a deposit! Join CirclePe using my link and earn ₹500 (Circle Points) bonus!"
Objective : The referral landing page should be simple, visually engaging, and persuasive
Eg Copy - "Move In With ₹0 Deposit – Special Invite From [Referrer’s Name]!"
Eg Copy - Save BIG on Rent Deposits – Say goodbye to hefty security deposits!
✅ Instant Approvals – Move in without financial stress.
✅ Boost Your Credit Score – Pay rent & improve your credit history.
✅ Exclusive Welcome Bonus – Get ₹500 OFF your first rent payment!
Referral Benefit Section – What do they and the referrer get?
Eg Copy - ✅ You Get: ₹500 towards your first rent payment
✅ Your Friend Gets: ₹500 as a thank-you bonus
✅ It’s a Win-Win! No security deposit, just seamless renting.
Limited Offer: Sign up today and double your reward!
Claim Your Bonus Now [CTA Button]
Simple Sign-Up CTA – Easy one-step registration.
Social Proof & Trust Builders – Reviews, testimonials, or credibility badges.
⭐ Rated 4.8/5 by thousands of happy renters!
🏆 Backed by leading investors like iSeed, Venture Catalysts & more
💬 “CirclePe made moving into my dream home effortless. No deposit, no stress!” – A happy user
👉 Join thousands of renters who’ve ditched deposits forever!
FAQ Section – Answers common questions to remove doubts.
That's All ✅
Thank You for your time. 😊
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