Real estate-focused startups Unitern Advisors and Flow Realty have joined hands to offer outsourcing services to mid-tier developers, the companies said on Tuesday.
Unitern Advisors, as reported by VCCircle last year, was set up by Navin Dhanuka, former senior executive at Piramal Capital and Housing Finance, and Srinivasan Gopalan, former chief executive officer of Ozone Group, among others. The founding team also includes Vineet Agarwal and Sourav Ghosh.
Flow Realty was founded by Arun Anand and Vyoma Pandit who have held leadership positions at Shriram Properties, Embassy, Brigade and Lodha Group.
Unitern Advisors and Flow Realty aim to offer a range of services across fundraising, land acquisition, profit and loss management, operations management, marketing strategy, and sales and collections.
Unitern Advisors is currently working with developers such as Wadhwa Group, Ozone Group, Vaishnavi Group, and Valmark.
The development comes at a time when funds focused on housing are moving to fill the financing void left by retreating non-bank lenders and banks.
Recently, the real estate investment arm of Housing Development Finance Corporation (HDFC) collaborated with global private equity firm Cerberus Capital for a special situations platform.
As reported by VCCircle in April, ICICI Prudential Asset Management Company kicked off work on a credit fund that aims to raise Rs 2,000 crore ($270 million).
In January 2021, Motilal Oswal Real Estate (MORE) floated its fifth fund with a target corpus of Rs 800 crore ($109 million) to provide construction finance to projects that have secured approvals.