Most new condominiums and retail areas in Thailand simply hire a property management company to collect rents and handle daily operations. But what about all of those older apartment buildings and markets? They cannot afford to outsource these tasks. In many cases, the owner does the work themselves using paper receipts and comically outdated accounting books.
As Thailand rapidly embraces digitization, Thai proptech startup Horganice wanted to empower these landlords with modern solutions. Their technology just may solve one of the country’s significant real estate challenges. Here is what’s interesting about Horganice.
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About Horganice
While most people focus on Bangkok’s shiny new high-rise condominiums and pristine shopping malls, this only accounts for a fraction of the overall market. There are far more older low-rise apartment complexes and street markets.
These distinct groups have been managed very differently. Operations at newer properties are outsourced to third parties who can handle higher volumes of tenants and have developed their own technology. Meanwhile, older buildings have been left behind.
That is where Horganice comes in. Having seen this trend emerge across Thailand, the proptech startup developed a one-stop-service management system that provides convenience; saves time; reduces both direct and indirect management costs; and significantly improves the lives of tenants.
The firm’s platform is helping bring all property owners into the digital age by making it possible to collect rents, monitor lease terms, communicate with tenants and oversee other management duties electronically. Anyone who has ever stayed in an older building in Thailand is well aware of how disjointed the current processes can be.
Beyond that, Horganice is also assisting fresh markets and flea markets in managing their space management via the Myket Pro platform. The problems these operators face have gone overlooked for some time as solving these requires enormous resources which is not worth tackling for startups given the margins involved.
The tech firm already counts TalaadThai, the largest agricultural wholesale market in ASEAN, as one of its users with more than 5,000 stalls and over 3,500 vendors currently managed via Horganice.
According to the Thai tech startup, it now provides management systems to more than 20,000 real estate owners in Thailand, covering over one million rooms and assisting in rental fee collection of approximately THB6 billion annually.
What’s next for the startup?
Horganice recently closed its Series A funding round, collecting THB35 million (USD1 million) from CyberAgent Capital, Winvestment and Ang Kaew Holding, among others. This is an important next step for the startup as it looks to expand its offerings and coverage area.
That latter, in particular, will be worth monitoring. Indonesia, Malaysia, Cambodia and the Philippines all have residential projects and markets that require digital management solutions. With very few competitors in this space, Horganice has ample opportunities to become the regional leader in this space.
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