Anarock Property Consultants chairman Anuj Puri, former India head of realty firm Hines, Yash Gupta, and the family office of real estate group RMZ Corp, have together floated an early-stage fund focusing on realty tech.
Mint reported on Friday that Puri, Gupta and the family office have formed Bluesky Ventures, which aims to raise $100 million (Rs 708.55 crore). They will act as general partners as well as sponsors of the fund.
The report quoted family office CapitalM CEO Abhishek Goenka as saying that the fund would raise its first tranche of money from the sponsors and will start raising capital from external investors in a year.
“Funding in realty-tech has not been very encouraging. While other tech-enabled sectors have seen capital flow, property technology is largely untapped and has a lot of opportunities," Goenka said.
The development comes at a time when a lot of real-tech companies are popping up, hungry for capital, and eye candy for investors.
For such opportunities, real estate giant JLL has a global fund under JLL Spark, with a corpus of $100 million.
Besides that, there is a Bluesky-like collaboration involving industry veterans.
As reported by VCCircle, former Asia-Pacific head of Deutsche Bank, Guneet Chadha, teamed up with industry veterans to launch a non-banking financial company (NBFC) focusing on affordable housing and wholesale lending. The NBFC is in talks with private equity firm Multiples to raise funds.
In another kind of partnership, Ramesh Jogani, who served as the head of private equity at Indiareit (now Piramal Fund Management Pvt. Ltd), tied up with financial services group Centrum to launch a real-estate fund.