[Funding alert] Real estate startup MultiLiving raises $6M from Lodha Ventures
Lodha Ventures, the investment arm of Mumbai-based property developer Mangal Prabhat Lodha family., a real estate platform, announced it raised funding of $6 million (approx Rs 45 crore) from
Abhinandan Lodha from the Lodha Ventures joins the board of advisors of MultiLiving. Set up by Pankaj Singh last year, MultiLiving will go live in Mumbai with this funding.
Pankaj Singh, CEO and Founder of MultiLiving, said,
“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 so that individuals can reclaim their time and focus on what truly matters."
It curates apartments from the homeowners, performs quality check and requisite transformation, and offers the homes with built-in services to the potential tenants.
The startup intends to eliminate the inefficiencies prevalent in the existing rental system and to streamline the home renting and management situation for urban professionals.
At present, MultiLiving operates in Mumbai with a limited number of curated flats at some of the most premium locations across the city, including Lower Parel, Powai, BKC, Kanjurmarg, and Vikhroli.
The startup claims that all its homes are handpicked based on location, society amenities, and condition of the house, amongst other parameters. They undergo a thorough 50-step quality check process and are assigned a dedicated transformation team to deliver the property in a 100 percent top-notch and ready-to-move-in state.
All homes come with a personal concierge to take care of all the daily chores and housekeeping. Tenants also get access to on-demand services like cooking, party planning, travel booking, etc. All these services are managed and monitored through an app.
Pankaj adds, "All our apartments are carefully selected in the niche societies and gated communities. We carefully screen every potential tenant who will love and take care of the home like it was their own. However, the final decision stays with the owner.”
Meanwhile, for property owners, MultiLiving promises regular and steady returns. The platform takes charge of finding the tenants as per owners' choice and assure regular rentals. It handles the entire paperwork and monthly rent collection, promising a hassle-free experience to the asset owners.
It also covers the owner's property for any accidental damages, regular maintenance fees or unforeseen expenses through MultiLiving’s exclusive insurance policy – the HomeShield Plan.
This means the owner will never have to bother about leaking taps, broken A/Cs or similar troubles. The platform also arranges for urgent repairs and ensures routine check-up at no extra cost.
(Edited by Saheli Sen Gupta)