BEIJING—Ziroom, a Chinese apartment rental service provider, raised 4 billion yuan ($621 million) from a group of investors including private-equity firm Warburg Pincus, as Beijing pushes the growth of a rental market to curb skyrocketing home prices in large cities.

Warburg Pincus led the Series A round, in which Sequoia Capital, Tencent Holdings Ltd. and seven other firms were also investors.

Beijing-based...