ApartmentAdda raises angel funding

apartment-addaBangalore based ApartmentAdda which provides online housing society accounting and managements, has recently raised undisclosed amount in angel funding led by India and Silicon Valley based angel investors.

The group of investors includes Bhupen Shah & Raghu Tarra of Sling Media, Sharad Sharma of Yahoo R&D , Nasscom products & iSpirt, Tushar Patel of a Global Investment Banking firm, Vijay Anand of Intuit and Zaheer Rattonsey of Real Estate & Film Production.

ApartmentAdda has recently completed 5 years of its existence. It provides web based software systems for communication among residents, facility management, and society accounting.

Currently it lists about 3,600 apartment and villa communities across India with a user base of 1.6 lakh home owners and residents.

Around INR 45 Cr of maintenance billing is raised by societies every quarter on the website and the service costs INR 180 per flat per year.

“Now with the new fund infusion – we will be able to provide better experience for you on ApartmentAdda, stronger support, bring your entire Adda to mobile, have physical presence in all the major cities, work with Government agencies, conduct more of our workshops, build a stronger ecosystem of facility management experts and accountants – we have a long list,” said, Venkat Kandaswamy, Co-Founder, ApartmentAdda.

ApartmentAdda is the product of 3Five8 Technologies Pvt. Ltd., with offices in Bangalore and Mumbai. It was founded by Venkat Kandaswamy and Sangeeta Banerjee, and as per the company it has been profitable since 2012.

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