Real estate investment startup PropReturns on Tuesday said it has secured an undisclosed amount of funding from a host of angel investors including Cred founder, Kunal Shah.
Other investors in the round included venture capital firm 1947 Rise, Gokul Rajaram (board member of CoinBase and Pinterest), Varun Alagh (co-founder of Mamaearth) and Nitin Jain (co-founder and chief executive officer at O'AgriFarm), among others.
The Mumbai-based company plans to deploy the fresh proceeds to scale its operations by onboarding more asset classes, expand investor base and increase ties with brokers, developers and property owners.
"In a year of operations, we have conducted transactions worth more than Rs 100 crore through the platform. Our execution has helped us onboard leading angel investors, founders and real estate veterans in this strategic round. This funding will be deployed in scaling up the company by growing transaction volume along with team expansion,” said Jayant Panwar, co-founder of PropReturns.
In some other developments around the Indian commercial real estate market of late, Kotak Investment Advisors (KIAL) announced the closure of its 12th real estate fund for investments in office assets. The investment arm of Kotak Mahindra Group has joined hands with Abu Dhabi’s sovereign wealth fund, ADIA, for this $590 million fund.
PropReturns – backed by Y Combinator – claims to list rent generating commercial properties and plots that include distressed opportunities, real estate investment trusts (Reits) and real estate debt.
“Real estate is India’s most popular asset class. Yet, it is plagued by a lack of transparency and data. At PropReturns, we solve this by providing investors access to curated supply and market trends of the property, allowing them to make an investment decision backed by data,” said Kenish Shah, co-founder of PropReturns.
In late June, online realty investment platform PropShare announced a Series B fundraising of $47 million (Rs 367 crore) led by PE company WestBridge Capital. The startup’s valuation is pegged at $170 million after this round, according to people familiar with the development.
In a relatively smaller deal around the sector, tech-backed home builder BuildNext secured a Series A funding of $3.5 million in a round led by Pidilite’s arm Madhumala Ventures, earlier in July.