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Livve Homes, a Kerala-based startup offering online deposit and payment platforms for owners as well as tenants, on Thursday announced it has raised $5 million in a second funding round from angel investors.

The startup had previously raised $1.5 million. With this round, Livve Homes has received a total of $6.5 million so far.

The rental space provider said the funding would be used to stabilise operations. The funds would also be used to add more quality furnished homes to Livve’s list and connect more tenants with landlords on the platform. Also, it will offer a uniform set of furniture across all its properties and ensure no owners or tenants face any hidden charges.

In the last five years, Livve Homes has been taking up unfurnished and semi-furnished homes from owners, furnishing them, and renting them to tenants without any deposit. It provides tenants a zero-deposit model with a luxury living experience by renovating houses and adding in-house furniture, decor, and appliances. The company has more than 4,800 properties across Delhi-NCR, Bengaluru, Pune, Dubai, and other regions.

Chief Operating Officer Mayya Lakshman said: “We are pumped up with the change in the housing ecosystem. With this change and boost of motivation we are sure we will change how people perceive rental space till now.

“The funds would be used to renovate more and more normal homes and make them a totally functional, beautiful living space. As of now, we have completed renovating over 4,500 houses and we are looking forward to making at least 12,000 houses till 2021 finishes.”

The company also plans to start furniture and interiors showrooms in Pune, Bengaluru, Delhi-NCR, Hyderabad, and Chennai to provide its home renovation and quality furniture to customers outside its current operational spectrum.