Startup offers new perspective to asset usage and rental housing
A proptech startup by IIM-A alumni Pankaj Singh is making a transition in the asset usage and rental housing segment in India.
Driven by an increase in the number of migrants from rural, Tier-1, Tier-2 and Tier-3 towns to the urban and metropolitan areas for occupational and education purposes, Indian residential rental space is now at an influx, attracting a large number of entrepreneurs to experiment and find solutions for the existing gaps.
Singh has worked with industry leaders at Lodha Group and at Xanadu Realty, with exposure across the value chain. While finding solutions to his own home issues in Lucknow, set the foundation for his startup—MultiLiving, with the vision to add large value to the homes and meaning for its users, Pankaj told the media.
The startup offers curated apartments with tech-assisted home management and hospitality services for a hassle-free living experience. Launched in October 2019, the Mumbai-based startup went live in February 2020 amid the pandemic.
In March last year, the startup secured $6 million in a seed funding round from Tomorrow Capital. At present, it only caters to the Mumbai location and offers 1-3 bhk flats/ apartments within the rental range of Rs 6,500 to 65,000+.
MultiLiving aims to create a new category where the home is at the centre and all the aspects, which add value to the home, revolve around it at multiple levels.
The team looks at this opportunity from three angles:
Changing the way home-owners manage assets: For MultiLiving, homes are depreciating assets (land/location appreciates), which require attention, preventive management, better productivity, and evaluation benchmarks. The current way to address this issue is reactive and extremely unorganised and, in many cases, does not exist.
Changing the way managed rentals exist today: The current leasing landscape is extremely chaotic and needs technology and data-driven products to create asset-customer understanding.
Change the way people live today (asset usage): Creating a new way to live in urban India, a hospitality-led, hassle-free lifestyle giving the user a hassle-free way to live by taking care of all operational needs of daily life and adding time to their lives.
In the next 18 months, the team plans to expand its presence to other cities in India and introduce multiple product lines.