MultiLiving Technologies Pvt. Ltd, which operates a real estate platform focused on differentiating itself through value-added services, has raised $6 million (approximately Rs 44.54 crore at current exchange rates) in funding.
The capital has been raised from Lodha Ventures, the family office of the Lodha Group’s Abhinandan Lodha.
The Mumbai-based company said in a statement it will use the funds to enhance its technological infrastructure and drive its growth. It aims to disrupt traditional rental models by adding a layer of services including personal concierges for tenants and streamlined asset management.
Pankaj Singh, founder and CEO at MultiLiving Technologies, said the life of an urban professional is extremely hectic and the stress of finding and managing a home simply adds up to the burden.
“MultiLiving is an advanced way of owning and renting out a flat where we take care of everything involved in this space,” he said.
The firm says it selects apartments to rent out after conducting numerous quality and adaptability checks. It also screens potential tenants, with the final decision to rent staying with the homeowner.
Currently, MultiLiving is operational in Mumbai and has curated apartments in parts of the city including Lower Parel, Powai, Bandra-Kurla Complex and Vikhroli. For homeowners, the firm also operates an insurance policy – the HomeShield Plan – to cover against accidental damages and unforeseen expenses.
The investment marks the latest by Lodha Ventures, which was set up in 2015. According to its website, the firm says it looks at long-term investments in businesses that have the potential to scale rapidly. Sectors that it focusses on include ones that have a real estate and infrastructure bent, and others that benefit from government spending and initiatives such as Make in India.
The larger Lodha Group has also made bets on startups. In 2017, it launched its maiden investment fund for startups focussed on smart city solutions and the overall realty sector. The Group’s Startup Investment Fund was initially launched with a corpus of Rs 50 crore and said that it would invest in firms at all developmental stages.