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Norwest backs property and project manager SILA
Photo Credit: VCCircle

SILA Solutions Pvt. Ltd, a property and project management company, has raised Rs 56 crore ($7.84 million) from multi-stage investment firm Norwest Venture Partners.

The company will use the funds to give exit to its early investors and make strategic investments and acquisitions, SILA said in a statement on Thursday. It, however, did not disclose who the investors were.

The firm had raised Rs 3 crore from JCK Infrastructure Development Ltd, KAP Steel Ltd and Hubertus during 2014-15, according to VCCEdge, the research arm of Mosaic Digital.

SILA was started by Vora siblings, Sahil and Rushabh in 2010. The company was started with an initial capital of Rs 50 lakh from Harresh Mehta, promoter of Mumbai-based private realtor Rohan Lifescapes. 

The company is managing over 30 million square feet of assets and has a presence in over 75 cities. It has clients across various sectors including manufacturing, retail, hospitality, financials, commercial and residential real estate. 

“With the use of technology and SOPs (standard operating procedures), SILA is executing with a differentiated approach to capture the very large services market opportunity in India," said Shiv Chaudhary, managing director, Norwest Venture Partners.

SILA had acquired a 51% stake in Envocare Pest Control Services in 2015.  

Norwest

Norwest is stage-agnostic and backs companies from seed and Series A rounds to late-stage venture and private equity stages.

Last month, it led a Series C funding round in MindTickle Inc., a platform that trains sales executives.

In May, it also participated in the funding round of its portfolio company Zenoti as the application software venture received a big cheque from Tiger Global.

The investment firms other portfolio companies include Swiggy, Kishlay Foods Pvt. Ltd, Ess Kay Fincorp, Five Star Business Finance and NTex Transportation.

Earlier this year, VCCircle reported that Norwest added Chaudhary as a new partner while repositioning the role of one of its key investment professionals in the country.

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