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Proptech startup PropShare has raised USD 47 million (around Rs 367 crore) from investors including WestBridge Capital to ramp up hiring, strengthen technology and offer more asset classes for investments on its platform.
Bengaluru-based PropShare, which was founded in 2016, is a technology-driven real estate investment platform that enables investors to purchase commercial real estate assets.
In an interview with PTI, co-founder and CEO Kunal Moktan said: "We have raised USD 47 million fund in our Series B round led by WestBridge Capital with participation from existing investors Pravega Ventures."
Property Share Online Platform Pvt Ltd or PropShare has raised USD 52 million since inception.
Moktan did not mention the valuation at which the company has raised funds.
Asked about the utilisation of funds, he said: "We will double our headcount. We will strengthen our technological capabilities. We also intend to open offices overseas."
PropShare platform allows ordinary users access to institutional grade assets with 8-10 per cent rental yields and 17-20 per cent returns. It takes responsibility for sourcing, due diligence, property management and sale on behalf of users.
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Moktan said the company is offering only office assets on its platforms for investments but will soon add hotels, hospitals and warehouses as well.
On the customer' side, the company will focus on leveraging technology to further improve user experience on the platform by enhancing liquidity, adding newer product lines and strengthening investor relations.
Hashim Khan, co-founder & CTO, PropShare said: PropShare has been the pioneer and market leader in the technology-driven real estate investment space in India making what has been a traditional but lucrative asset class, accessible to ordinary investors."
The company has facilitated around Rs 1,000 crore of transactions on its platforms and targets over USD 1 billion (Rs 7,800 crore) with the help of recent funding, he added.
"Our focus on high quality institutional rent-yielding real estate has led to strong investor growth and rapid adoption of the platform among users for alternative investments," Moktan said.
Kunal Moktan holds an MBA from the Indian Institute of Management (Ahmedabad) while Hashim Khan holds a B Tech from IIT, Kanpur and an MBA from IIM Ahmedabad.
The proptech industry in India attracted over USD 551 million in 2020, surpassing investments of USD 549 million in 2019, according to Housing.com.
In November last year, Bengaluru-based NoBroker.com raised USD 210 million from investors, at USD 1 billion valuation to become the first unicorn in proptech sector.
Recently, Xanadu Realty received strategic investment from HDFC and HDFC Life Insurance Co Ltd.
In May, HDFC acquired 7.2 per cent stake in Loyalie IT Solutions Pvt Ltd (now Reloy) for Rs 1.1 crore.
Reloy had in January raised Rs 5 crore from investors, including Inflection Point Ventures, to expand and grow its business.
Earlier this month, Settlin, which is into brokerage for resale homes, raised USD 1 million (about Rs 7.7 crore) from investors to expand business.
Proptech firm Square Yards, which is into housing and home loan brokerages, is planning to launch its Initial Public Offer (IPO) to raise funds.
In its recent report, CII and Colliers India estimated that investments in proptech firms could touch USD 1 billion in 2025, almost double from the 2020 level, with adoption of technologies gaining momentum in the real estate sector.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
