End-to-end property management startup Reniso has raised an undisclosed amount of seed funding from a consortium of high net-worth individuals, co-founders Nishit Sharma and Alok Srivastava told VCCircle.
The investors included senior-level professionals from law firms, private equity firms, realty firms, global consulting firms and other startup founders.
The startup will use the funds to expand to other cities, develop its technology platform and build its marketing team, Sharma, an alumnus of IIM Calcutta, said.
“We are already seeing some interest and there have been discussions about raising funds for future operations,” he added.
While Mumbai and Bengaluru are top destinations for the startup to expand to, Pune and Hyderabad are also being considered. “We are looking at cities which have a high number of NRI properties locked away,” he explained.
Operated by Reniso Estate Management Services Pvt Ltd, the startup was set up in April this year and plans to earn revenue from NRI owners. It offers services such as property monitoring, leasing, renovation, maintenance, legal, sale and purchase and loans for properties of non-resident Indians.
“Since our launch, many owners have come onboard and we have opened up properties that were locked away for nearly five to seven years. The NRIs chose us as there was distrust in brokers and holistic management was impossible,” Srivastava, an alumnus of IIM Ahmedabad, said, adding that they had more than 500 leads to follow from inception. He also said that the “company has been profitable from day one at a gross level.”
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