MultiLiving Technologies, a residential real estate tech platform offering rental and subscription-based services, said it planned to scale up its services in Mumbai and expand to 5 more cities in the next two years. The firm is in talks to raise “substantial” capital to fund its expansion, said a top executive. The need for bigger homes during the pandemic to allow for work-from-home has spurred demand for the firm’s services, he added.
“In January 2020 we used to onboard 10 apartments a month and this number has gone up to 750 apartments a month in March 2021. Cumulatively, we have 2500 apartments now and this number is expected to grow to 25,000 by March 2022,” Pankaj Singh, CEO and founder.
He said from onboarding 700 apartments a month now, the firm will scale up the operations to 6,500 units a month by March 2022 in Mumbai alone.
To achieve its plans to have a portfolio of 1,15,000 apartments by March 2023, the firm has announced plans to foray into Bengaluru and Pune during the current financial year and to Chennai, Hyderabad and NCR Delhi in the next financial year.
The firm had raised $6 million of funding in March 2020 from Tomorrow Capital of Abhinandan Lodha and the next round of growth will be fuelled from the second round of funding, Mr Singh said.
He said the firm sources apartments from homeowners and offers the home and multiple services to potential tenants. He said the firm is helping address problems faced by tenants and property owners in the rental eco-system and is streamlining the home-renting space for urban families through data and technology intervention.
Besides home structural audits for preventive care, home maintenance and concierge services, the firm is now gearing up to unveil a technology offering to curb energy wastage in smart homes.