An apparatus includes at least one communication module; a memory; and a processor operably connected to the at least one communication module and the memory. The processor is configured to identify multiple external electronic devices by using the at least one communication module; determine time schedule information based on a number of the multiple identified external electronic devices or based on a location measurement scheme; transmit the time schedule information to the multiple external electronic devices by using the at least one communication module; transmit first information to the multiple external electronic devices at a first time assigned to the electronic device, based on the time schedule information, by using the at least one communication module; receive second information from one of the multiple external electronic devices at a second time assigned to the multiple external electronic devices; and determine a distance from one of the multiple external electronic devices based on the first information or the second information.