Bangalore and Mumbai-based 3Five8 Technologies Pvt Ltd, the company that owns and operates ApartmentADDA, a platform for housing societies and residential complexes to manage their accounts, has secured an undisclosed amount in funding from a group of investors, including Indian Angel Network member Sharad Sharma and Sling Media founder Bhupen Shah.
Other investors who participated in the round are Raghu Tarra, former SVP and general manager at Sling Media; Vijay Anand, VP and director at Intuit; Zaheer Rattonsey, owner of Hyperion Investments Group; and Tushar Patel, an angel investor.
"We cannot disclose the amount. The capital raised from this round will be used to expand operations to other cities including Hyderabad, Chennai, Kolkata and NCR region. We are also eyeing international markets like the Middle East, where apartment complexes are growing very fast," co-founder Sangeeta Banerjee told Techcircle.in.
ApartmentADDA was founded in 2008 by Banerjee, along with Venkat Kandaswamy. Banerjee holds an MBA degree from Louisiana State University and earlier worked at SAP India, Capgemini and TCS. An MS in Computer Science from Louisiana State University in the US, Kandaswamy previously worked at ThoughtWorks, Compuware and TCS in various roles.
How it works
ApartmentADDA seeks to build a product and ecosystem for apartment complexes and villa communities by providing a management and accounting solution for smooth functioning of the association and society office.
According to Banerjee, ApartmentADDA is like an ERP solution similar to one seen in corporates. "To manage a residential community, a few apartment owners are elected as a management committee. Its responsibility is to communicate with members about payments on various services, including maintenance and house-keeping. Using our platform, this committee can alert on payments and collect them from member residents. It also manages the help desk requests from members. So, overall it is alike an ERP solution. We provide login credentials to each resident of an apartment complex. They can login, pay their dues and raise complaints using it."
The platform is used by more than 3,600 apartment & villa communities. It includes Sobha Developers, L&T, Salarpuria, Prestige Group, Puravankara, Hiranandani, SJR, Shriram Properties, Oberoi Realty and Adarsh Developers. ApartmentADDA is also available on Android platform.
The firm follows a subscription-based revenue model. Banerjee claims the platform has more than 300 paid customers as of now.
(Edited by Joby Puthuparampil Johnson)