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Last Updated : Sep 28, 2018 03:22 PM IST | Source: PTI

Startup Reniso plans to raise up to $5 million to expand property management business

Reniso offers a range of services from property monitoring, leasing, maintenance, renovation, sale/purchase, loan-insurance services along with legal and advisory assistance enabled by its technology applications.

Property management startup Reniso, founded in 2017 by two IIM alumni, is looking to raise up to $5 million for technology and business development as well as expanding operations into new cities.

Reniso offers a range of services from property monitoring, leasing, maintenance, renovation, sale/purchase, loan-insurance services along with legal and advisory assistance enabled by its technology applications.

It currently manages about 750 properties across Delhi-NCR and is targeting to reach 10,000 assets by 2019, said its founder Nishit Sharma, an IIM Ahmedabad alumni.

The other founder Alok Srivastava, who is an IIM Calcutta and IIT Delhi alumni, said the company will expand business in Mumbai, Bengaluru, Hyderabad and Pune markets over the next one year.

"We raised seed funding last year from high net worth individuals. We are now looking to raise $3-5 million in the current round of fund raise that would be deployed in tech and platform development, business development and marketing, and operations and geographical expansion," Sharma said.

On the revenue model, he said the company charges brokerage for renting, sell-buy and certain fees for other services.

"We are an end-to-end property management firm which solves the various complex challenges faced by property-owners in managing their property investments due to lack of proximity, time or expertise," said Srivastava.

The company is strengthening technology as well by launching an app next month where owners will get all the information, he added.

"In beginning, we were getting more NRIs clients. But now, even Indian residents are availing our services," Sharma said.

Property owners find it difficult to manage their assets through agents due to lack of transparency, professionalism and trust. Also using a different agent for each task was a hassle, especially when none of them considered it an asset but rather just a standalone transaction, he observed.

"We have created holistic tech-driven solutions to streamline the process of leasing, maintenance and renovation for property owners, resulting in financial benefits," Srivastava said.

Reniso is testing deep level machine learning projects to add to the automation in its inspections, leasing and maintenance processes.

Elaborating on the operations, Sharma said trained property inspectors undertake a comprehensive house assessment that covers the minutest details of the property and culminates into a comprehensive report accessible online.

Reniso also emphasises on conducting a thorough screening of potential tenants through an extensive process and offering insurance cover for the properties.

The firm works in collaboration with verified partners for all premium services and currently has an extensive 2,000+ broker network.
First Published on Sep 28, 2018 03:11 pm
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