John Salt Pvt Ltd, which runs proptech startup Landeed, on Tuesday said it has secured seed funding of $8.3 million (around Rs 67.7 crore) co-led by Draper Associates, Y Combinator and Bayhouse Capital.
The Telangana-based firm will use the fresh funds for hiring and to further develop its tech stack.
Founded by Sanjay Mandava, ZJ Lin and Jonathan Richards last year, Landeed is a property title search engine, which allows parties like owners, agents and buyers to conduct the necessary due diligence with respect to the property i.e. it allows them to check and verify the necessary documents about a property.
“Landeed weaves together multiple government departments across various states producing property summary data. Through our application, an individual can verify a property transaction ledger going back 20 years in 2 seconds. To make this happen, we have built a standardised interface simplifying the multiple search methods across states into an intuitive and fluid user experience” said Mandava.
Last year, Landeed had raised $2.3 million in a pre-seed round from Justin Hamilton (Clutterbot), Goodwater Capital, Olive Tree, Manmohan Chandolu, Chris Maurice (Yellow Card), Christian Kaczmarczyk (Third Prime VC), AVCF Fund, and nine Y Combinator alumni.
The proptech sector saw major investments last year with online real estate marketplace Blox securing $12 million in its Series A funding round in December. Prior to that, proptech startup Broker Network had raised Rs 90 crore from its existing and only backer Info Edge. In July, proptech platform Homexchange raised $4 million from HDFC Capital, Oberoi Realty, and Anarock Group.
India’s real estate market is expected to hit $1 trillion by 2030 and investments in the proptech firms may cross $1 billion in 2025, 2x from the 2020 level, as per 'Real Estate 3.0: Technology-led growth' report by CII and Colliers.