Proptech startup PropertyPistol said Friday it has secured $5.5 million (Rs 45 crore) in a Series A funding round from ICICI Bank and Baring Private Equity Partners India, a private equity firm that has pivoted to do early-stage venture capital deals over the last few years.
The Mumbai-based startup said it will deploy the funding towards product development, hiring and geographical expansion.
Founded in 2012 by Ashish Narain Agarwal and later joined by Tushar Shrivastava as co-founder, PropertyPistol provides a platform that provides property listing services, broker services and financing services as well to its users.
The company claims to have 2,000 developers on its platform and 5.5 lakh customers to date. It counts Mahindra Lifespaces, L&T Realty and Shapoorji Pallonji amongst others as part of its client portfolio.
Baring Private Equity Partners India, one of the earliest PE funds in India, invested $10 million in the Series A funding round of auto-focused Internet of Things startup Intangles Lab Pvt. Ltd in February. Previously, it had backed non-bank lender Muthoot Finance Ltd, consumer goods makers Marico Ltd and Dabur India Ltd, and drugmaker Indoco Remedies Ltd.
In the proptech sector, John Salt Pvt Ltd, which runs proptech startup Landeed, in January secured seed funding of $8.3 million (around Rs 67.7 crore) co-led by Draper Associates, Y Combinator and Bayhouse Capital, with participation from Paradigm Shift VC, Salarpuria Sattva, 10x Founders Fund, Capital X, Olive Tree and Stonks fund.
More recently, Aurum PropTech Ltd (erstwhile Majesco Ltd) acqui-hired neo-realty investments platform Myre Capital, a subsidiary of Morphogenesis Reality Pvt. Ltd for an undisclosed sum. Aurum PropTech has bought the assets and technology platform from Myre Capital and launched Aurum WiseX, a digital distribution vertical for real estate investments.