Shared acquisitions startup Square Plums has raised Rs 3 crores from Indian Angel Network. The round has been led by entrepreneurs and IAN lead investors VGN Prakash, Amitabh Shrivastava, Krishna Jha and Ravindra Krishnappa.
As a part of the deal, Prakash is further joining the company board. He said, “The proposition is very interesting targeting the large and upwardly mobile market of bachelors in the metro cities. Square Plums is well poised to grow in this cluttered yet profitable accommodation segment in India.”
The raised funds will be utilised for onboarding the properties as per Square Plums design standards and building technology platform for tenants, apartment owners and prospective tenants.
The company is founded by professionals who have expertise in consumer Internet and hospitality industry. Rajesh Kumar Kotta, the CEO and co-founder of Square Plums, said, “It is quite expensive to furnish an apartment and there is no choice but to pass on this responsibility to tenants.”
“Individuals moving to the city without a family find it a cumbersome cost to put down heavy deposits and purchase furniture for a short term that eventually turns into baggage that needs to be moved around, whenever the home is changed,” he added.
Hemant Attra, COO and co-founder of Square Plums, pointed out the problems young professionals face when they come to a new city.
“Young professionals from tier 2 and 3 cities, who work in high end knowledge parks and MNCs, are usually forced to live at substandard bachelor pads and PGs/hostels. This is because good accommodations in premium gated communities in India are available in large sizes (34 bhk).”
“For them staying at huge houses and premium societies is difficult. Square Plums create curated accommodation which is then fractionalized at a price point which is affordable to the young working professionals in the metro cities,” Attra added.
Square Plums accommodation options are currently available in Bangalore. The company also plans to launch its mobile app to further offer a smooth experience to its customers.