Kerala-based real estate startup Livve, which also offers online deposit and rent payments platform for owners and tenants, has raised $1.5 Mn in seed round from undisclosed angel investors.
The company aims to transform the mindset of the owners and tenants by giving them a “safe” and “secure” platform to transact on. Commenting on the fundraise, Livve COO Maya Lakshman, said, “We’re pumped up with excitement to change the housing ecosystem. With this boost of motivation, we’re sure to change the way people perceive rental space till now.”
Founded in 2015, Livve acts as a middle man between the tenants and owners, providing a smooth experience, services and transactions between the two. The company assures high rental returns to house owners, helping them to stablise their rental income. Whereas for the tenants, they provide low deposits and a standardised living experience with a standard set of furniture.
The company offers a uniform set of furniture across all its properties, and ensures no owners interference policy or any hidden charges. Besides this, the company requires only one-month deposits, which can be used as the last month’s rent rather than deducting it with unknown charges. Besides this, Live also ensures that the tenants receive their full advance on the same day of vacating the property.
The company selects properties that surpass the average rating of a house, improve their interiors, and offer rent models to the owners at par. These properties are also equipped with a proper set of furniture like ACs, sofa, TV, wardrobe, bed with a proper mattress, lighting, study table and more.
Started in Kochi, the company has expanded to Delhi NCR, Bengaluru, Pune, Hyderabad, Chennai, and Dubai. As of May 2020, the company has covered around 480 houses.
As per a report published in December 2018, India has the largest number of proptech startups in the Asia-Pacific region. The report noted that India is home to over 77 funded proptech startups, out of a total of 179 in the Asia-Pacific region.
Another IBEF report suggested that the real estate sector in India is expected to reach a market size of $1 Tn by 2030 from $120 Bn in 2017 and contribute 13% of the country’s GDP by 2025. Although the sector is currently suffering a slump due to reverse migration and work-from-home trend, but the sector will be back to its pace once the pandemic is over. Other startups in the Proptech sectors include NoBroker, Strata, Zolo, YourOwnROOM and Stanza, among others.