Digitising the way housing and commercial societies are managed

15
Mar

Sakshi Sureka, Founder & CEO, SocietynMore

Sakshi Sureka is the founder and director  of societynmore.com. She has done her PGDBA in Accounting and Finance from Symbiosis Institute of Management. She has worked for housing societies for over 5 years and it was this experience that led her to conceptualise SocietynMore. As the Founder and the CEO, she is actively involved in product development and business strategy & development for the firm.

In conversation with Dominic Rebello, Sakshi reveals how an app like Societynmore uses technology to hasten the accounting and management process of societies. She believes that going forward, every society will have to move on a tech driven solution.

How did you come with this idea?
SocietynMore is solving a very fundamental problem of modern day living- management of medium and large size housing societies through technology application. It helps in bringing in systems and processes in place for society management which at present is quite unorganized in most housing societies.

The idea first came to my mind when I experienced my own housing society maintenance crumble due to lack of management and support from fellow committee members. As a committee member, I discovered that most residents choose to ignore the issues because of lack of clarity and time.

All the above issues and my first- hand experience helped me in designing the concept of Societynmore. SNM works on two principles, efficient financial management and effective communication. The SNM application brings together the financial management on a day-to-day basis on a transparent platform and provides the flat owners a common platform to discuss all society requirements.  

As a professional what is the value add that you bring to the working of a society?
My management background and experience has helped me design an app that helps create smarter societies with better management, effective communication & transparency. We also provide guidance with respect to Society forms & bylaws through our Documents library section in the matter of day to day working of Society.

We facilitate better financial management for Societies through faster collections & real-time recording tools available on our platform. With our app, a flat owner can make an online payment of his monthly maintenance bills, the records of all payments can be accessed by the committee members with the click of a button.
SocietynMore app has facilities a common communication platform for society members where apart from exchanging views they can also bring in synergies of community living and reduce time & effort of members by bringing the Society at fingertip through our Mobile app. We aim to create greener Society by encouraging paperless communication and digitisation of Society records.

Why do you think societies need your package?
If you look around in cities like Mumbai and even tier-II cities like Pune and Jaipur, there is an influx of large housing societies with a minimum of 60-100 flats in every building, in every society. Traditionally, the accounting and the day-to-day management of the societies were done by an elected committee. It has always been a difficult yet a thankless job.

While every resident of the society understands the relevance of this, there are very few who can or want to volunteer as a committee member. Also, the scale has increased manifold. An App like Societynmore uses technology to fasten the accounting and management process. Information is available with the click-of a button and reduces the overall physical data entry required.

Going forward, we believe that every society will need to move on a tech driven solution and we definitely want to be a preferred choice.
 
How much business do you do and what is the business opportunity for SNM?
We started onboarding societies towards the end of 2015. We at present have 200 societies and cater to more than 25,000 residents across multiple cities. We intend to expand our User base to more than 100,000 users over the next two years. Our business is directly proportional to the expansion of user base as we have a subscription based revenue model based on the number of members.

Considering that there are approximately 90,000 number of societies in just Mumbai, the opportunity for us is quite clear.

What are the challenges you have faced a women entrepreneur?
SNM is a new concept and a task which is not on priority list for the committee members, as an entrepreneur, my first challenge has been to convince people about the utility of the app and the value add it brings to the table.

Second, as a woman and a mother I wear multiple hats. My everyday challenge is to maintain a balance between work and home. However, the biggest success also is to strike a perfect balance given the challenge.