Indian Angel Network invests Rs 3 crore in shared accommodations startup Square Plums

NEW DELHI: Shared accommodations startup – Square Plums has raised Rs 3 crores from Indian Angel Network. The funding round has been led by entrepreneurs VGN Prakash, Amitabh Shrivastava, Krishna Jha and Ravindra Krishnappa.

Prakash will be joining the company board. The technology built by Square Plums enables users to search for fully-furnished homes in locations of their choice and matches them with up other like-minded individuals to share their home with.

The company wants to capitalise on the fact that few homes come fully furnished and those that do, require heavy security deposits.

Founders Rajesh Kumar Kotta and Hemant Atray said in a statement that their aim was to provide easy and affordable stay and disrupt the long stay accommodation market for young adults.

Lead IAN investor Prakash commented on the investment saying, “Square Plums focuses on providing ‘branded’ accommodation which we believe none of the other players in the market is currently providing."

Currently, Square Plums operates out of Bangalore.

The raised funds will be utilised for on-boarding the properties as per its design standards and building a technology platform for tenants, apartment owners and prospective tenants.

The company also plans to launch its mobile app.