Square plums
Ready to move-in, branded homes custom designed for singles.
| Date | Investors | Amount | Round |
|---|---|---|---|
$450k | Seed | ||
| Total Funding | 000k | ||
Square Plums, registered under Urban Stay Technologies Pvt. Ltd., was a branded marketplace for furnished rental accommodations targeting single professionals and students in India. The company was founded in February 2016 by Rajesh Kumar Kotta and Hemant Attray, both alumni of BITS Pilani with backgrounds in the consumer internet and hospitality sectors. The founders aimed to address the difficulties singles faced in the rental market, such as dealing with brokers and the discrepancy between online listings and actual properties. Kotta's prior experience building SaaS solutions for the hospitality industry and Attray's entrepreneurial background, which included a startup acquired by an Infosys spin-off, informed their approach to creating a service with better control over the customer experience.
The business operated by curating, designing, and furnishing properties which were then offered for rent. This model aimed to provide tenants with ready-to-move-in, standardized homes while offering property owners the potential for up to 50% higher rental income without the upfront cost of furnishing. The platform did not charge a brokerage fee, and users could schedule viewings and book properties online. Initially focused on shared accommodations, the company later expanded to offer private 1BHK apartments for young couples. A notable project involved converting shipping containers into 200 sq ft studio homes, an approach to address the supply side of affordable housing.
The company's primary market was Bengaluru, with plans to expand into other cities. Its revenue was generated from rental income. Over its operational period, Square Plums secured a total of $1.17 million in funding across three rounds. The first seed round in July 2016, led by the Indian Angel Network, raised ₹3 crore (approximately $450,000). A subsequent Series A round on September 21, 2018, raised $696K, led by Mahindra Lifespaces. According to financial data, the company is now considered deadpooled.
Keywords: co-living, furnished rentals, property technology, proptech India, rental accommodation, single professionals housing, student housing, online rental marketplace, Bangalore startups, shared accommodation, real estate services, managed apartments, Urban Stay Technologies, Rajesh Kumar Kotta, Hemant Attray, Mahindra Lifespaces investment, Indian Angel Network