Online real estate investment platform Propshare has raised $47 million (around Rs 367 crore) in a Series B funding round led by homegrown private equity player WestBridge Capital.
According to people familiar with the development, the company's valuation stands at $170 million (around Rs 1,300 crore) after the latest fundraise.
The company declined to comment on participation from existing investors Lightspeed and Beenext but said in a statement that Pravega Ventures, also an existing investor, participated in the round.
Propshare, operated by Propshare Online Platform Pvt. Ltd, will use the capital primarily to scale the platform across geographies and real estate asset classes by expanding distribution channels and investing in technology and hiring professionals.
“Propshare’s aim is to become the single-largest platform for real estate investments globally. We look forward to partnering with WestBridge Capital who has a history of building and partnering with high quality Indian businesses across public and private markets,” said Kunal Moktan, co-founder & chief executive officer at Propshare.
Founded in 2016 by Moktan and Hashim Khan, Propshare allows ordinary users access to institutional grade assets with 8-10% in-place rental yields and 17-20% returns. The company takes care of complete responsibility of sourcing, due diligence, property management and sale on behalf of users making owning, managing and exiting commercial real estate simple and transparent.
Moktan, an IIM Ahmedabad alumnus, was part of the Blackstone Group’s India real estate team prior to starting Propshare. Khan, an IIT Kanpur and IIM Ahmedabad alumnus, spent over a decade in the retail, trading and real estate sectors before becoming an entrepreneur.
“Indian commercial real estate is an attractive $100 billion market with limited access to investors. Propshare enables investors to purchase high-quality commercial real estate assets in the same manner as institutional funds,” said Deepak Ramineedi, partner at WestBridge Capital.
In 2019, TechCircle reported that the Propshare had raised its Series A funding round led by venture capital firm Lightspeed Venture Partners.
Last year, NoBroker became the first property tech (proptech) and real estate startup to achieve ‘unicorn’ status. It has also recently ventured into home interiors space.
WestBridge Capital is turning out to be one of the busiest PE funds in India this year. Last week, it helped sales automation software-as-a-service (SaaS) platform, LeadSquared enter the much-coveted unicorn club.
In April, the PE firm backed Jaipur-based online furniture platform WoodenStreet with a $30 million investment and infused $22 million in Truemeds’s operator, IntelliHealth Solutions Pvt. Ltd.
