IAN invests Rs3 crore in Square Plums1 min read . Updated: 27 Jul 2016, 10:40 PM IST
Square Plums will utilize the funds to increase the number of properties available on the company, enhance technology and launch a mobile application
Mumbai: Shared accommodations start-up Square Plums Technologies Pvt. Ltd Wednesday said it has raised ₹ 3 crore from Indian Angel Network (IAN), in a round led by V.G.N. Prakash, Amitabh Shrivastava, Krishna Jha and Ravindra Krishnappa. Prakash will join the company board.
The company will utilize the funds to increase the number of properties available on Square Plums, enhance technology and launch a mobile application. Founded by Rajesh Kumar Kotta and Hemant Attray in February, Square Plums now operates only in Bengaluru.
Square Plums enables users to search for fully furnished homes in locations of their choice and matches them with other individuals who can share the space with them.
“Our aim is to provide easy and affordable stay and disrupt the long stay accommodation market for young adults. Young professionals from Tier 2 and Tier 3 cities work in high end knowledge parks and MNCs (multi-national corporations) but are often forced to live at substandard bachelor pads and PGs/hostels," said Attray.
“This is mainly because good accommodations in premium gated communities in India are available in large sizes (of 3 or 4 BHK). For them, staying at huge houses and premium societies is difficult. We at Square Plums create branded curated accommodation which is then fractionalized at a price point which is affordable to the young working professionals in the metro cities," he added.
Other start-ups in this segment include names like Nobroker Technologies Pvt. Ltd, GrabHouse (Cryptopy Technologies Pvt. Ltd) and NestAway Technologies Pvt. Ltd.
Earlier this year, NestAway raised $30 million in a Series C round of funding led by US-based Tiger Global Management while NoBroker raised $10 million in Series B round of funding from Singapore-based venture capital firm Beenext.