ApnaComplex plans to raise $2 m for expansion.

ApnaComplex, a startup which has developed products that keeps track of apartment utilities, is planning to raise $2 million to expand its footprint to more cities.

The company, after developing products like 'Collection Gateway' and 'Water Monitor' is operating in 20 cities and is exploring business beyond these.

'Revenue generation in that sense is primarily funded by its paying customers. Also, after developing products, we are now exploring expansion to 10 more cities, where apartment culture has picked up and need these solutions,” Raja Sekhar Kommu, co-founder of ApnaComplex, told BusinessLine.

For expansion, we are eyeing tier-II and III cities. To fund this, we are looking to raise $2 million in the next three to five months, he added.

ApnaComplex founded by Raja Sekhar Kommu and Gokul Singh, as a bootstrapped company where the founders invested around ₹70 lakh and has also raised seed fund from an HNI investor Vijay S for another ₹75 lakh.

The Collection Gateway, Kommu said, has been launched with YES Bank collaboration to make society accounting easy. It will provide an intelligent solution for housing societies which grapple with suspense accounts as they are unable to match the entries for payments against unit numbers.

In addition, the company has also launched the Gatekeeper technology which is a community security solution that regulates and authenticates visitors. It has also launched Water Monitor.

HBL