Leading Indian proptech firm Square Yards has reported strong financial performance for fiscal year 2024 with 50% revenue growth to INR 1000 crore and achieving EBITDA profitability for the full year. The company also reached operating cash flow breakeven in H2FY24. With a three-year CAGR of 60%, Square Yards is targeting growth to INR 1500 crore revenue for FY2025 while aiming for double-digit margins. Over 88% of revenue came from real estate and financial services, facilitating over 165,000 transactions worth USD 5 billion. Growth was primarily led by an 80% increase in financial services....
hBits to become first company to be registered as an SM REIT
Fractional real estate platform hBits plans to register with SEBI as India's first Small and Medium Real Estate Investment Trust (SM REIT) within three weeks. Seeing an opportunity in the new SM REIT regulations notified in March 2024, hBits will look to capitalize on being the first registered entity. They currently manage INR 365 crore in assets and aim to reach INR 1,000 crore this fiscal year. As an SM REIT, hBits will raise funds for new assets on an individual basis, treating each new listing as a mini-IPO for investors to choose from. The SM REIT structure makes commercial real estate investing highly accessible for retail participants by reducing the ticket size to INR 10 lakh....
Accacia secures USD 6.5 million in pre-series A funding round by Illuminate Financial
Accacia, spearheading the charge in sustainable real estate technology, has secured a significant USUSD 6.5 million pre-Series A funding round led by Illuminate Financial. Founded in 2022 by Annu Talreja, the company offers AI-powered software solutions to track and reduce greenhouse gas emissions in the real estate sector. This investment underscores the growing demand for environmental solutions within the industry, with Accacia poised to lead the charge in creating a more sustainable built environment. Other proptech innovators, like BuiltWorlds, Fundwise, and Patch, are also attracting investor interest with their unique approaches to tackling sustainability challenges in real estate....
CREDAI launches USD 100 million proptech fund amidst rising real estate tech growth
Proptech start-ups that use technology to transact real estate have become more prevalent as a result of the real estate market's explosive growth in India, especially in the residential segments. Notably, NoBroker and Livspace are two that have attained unicorn status, with more on the verge of doing so. Seeing this trend, CREDAI, in collaboration with Venture Catalysts and Neovon, established the USD 100 million Spyre Proptech Venture Fund. Promising proptechs are the focus of the investment, with a sizable chunk already secured through promises. Spyre Proptech Venture Fund aims to stimulate innovation in India's real estate technology industry by providing a varied pipeline of start-ups....
Home improvement startup Arrivae secures INR 21 crore funding
Arrivae, a design-to-manufacture home improvement company, has secured INR 21 crore in fresh funding led by Mithun Sacheti, founder of CaratLane. The investment will fuel Arrivae's expansion plans in existing markets like Mumbai, Hyderabad, Gurugram, and Bengaluru, focusing on enhancing supply chain efficiency and customer accessibility. Offering comprehensive solutions for home renovations, Arrivae plans to utilise its vast catalogue of over 1 million design elements to personalise spaces. With Sacheti joining the board of directors alongside other prominent investors, Arrivae is well-positioned to capitalise on the growing demand for customised home improvement solutions in India....
Meeting Demand: CRIB's cost-effective solution for property owners and tenants
CRIB Property Solutions, a Bengaluru-based startup founded in 2021 by Sunny Garg, Shaifali Jain, and Archit Chauhan, has made significant strides in revolutionizing property management in India. Their app, utilized by over 1,000 landlords managing 2,500 properties with 150,000 beds nationally, generates a rental income of INR 2,500 crores. CRIB Plus, their premium version targeting the burgeoning student housing and co-living markets, received a USD 1 million investment to tap into India's projected real estate expansion. With a focus on Karnataka and Tamil Nadu, CRIB's user-friendly apps optimize tenant management, rent collection, and communication, offering cost-effective solutions at less than INR 100 per bed monthly....
Aeria secures USD 1.8 million in pre-seed funding round for expansion in Asian market
Aeria, a commercial real estate asset management platform, secured USD 1.8 million in pre-seed funding led by Kalaari Capital and Foundamental, with participation from AC Ventures, AL Trust, and angel investors. The investment aims to expand operations across Southeast Asia, the Middle East, and other Asian regions. Aeria utilises technology and AI to enhance office building experiences, targeting an estimated 52 billion square feet of commercial real estate in the Asia Pacific. By digitising operations and automating tasks, Aeria addresses fragmented infrastructure, offering a comprehensive solution for facility and tenant management. Proptech funding has surged, with Aeria's funding contributing to the sector's growth....
Proptech firm Reloy hits milestone with INR 1,200 crore referral sales in CY23
Reloy, a proptech startup, has set a key milestone by exceeding INR 1,200 crore in referral sales in fiscal year 23. Reloy is based on a unique, RERA-compliant strategy that stresses customer satisfaction and incentivizes builders through satisfied homeowners. Reloy manages a large portfolio of 1.5 lakh units valued at more than INR 1.30 lakh crore and has nationwide collaborations with industry giants such as Godrej Properties and DLF. Founder Akhil Saraf attributes success to innovative reward programs and a network of 30,000 channel partners. Reloy's emphasis on creating excellent homeowner experiences strengthens its position as a reliable partner in the real estate industry....
Spyre Proptech to raise INR 400 crore in the first phase of a INR 800-crore fund to invest in proptech start-ups
Spyre PropTech Venture Fund, backed by Venture Catalysts and NeoVon, aims to raise INR 400 crore in the first phase of an INR 800 crore proptech sectoral fund, with support from CREDAI. The fund, granted approval by SEBI, plans to invest in over 30 Indian proptech startups at various stages of development. Venture Catalysts, India's first multi-stage venture capital firm, is the seed investor and co-sponsor of Spyre, bringing significant expertise and experience to the fund, which is set to play a crucial role in fostering technological innovation in the Indian real estate sector....
Crib launches Crib Plus; a premium solution for student housing and co-living markets
Crib, a property management app founded in 2021 recently introduced Crib Plus, a premium version aimed at the burgeoning student housing and co-living markets in India. With an investment exceeding USD 1 million, Crib Plus intends to target the burgeoning rental market that is expected to surpass USD 20 billion by 2024. Offering streamlined operations and cost reduction benefits, Crib Plus aims to empower operators with comprehensive management tools and enhance brand presence. With over USD 2 million in funding from esteemed investors, including Vijay Shekhar Sharma and Kunal Shah, Crib is poised for continued growth and innovation in the real estate tech sector....
Innovative AI property analyzer by Landeed promises enhanced property title understanding
Landeed, a leading prop-tech startup, has unveiled India's premier AI Property Analyzer feature, a tool set to revolutionize property title analysis in the country. This technology provides a detailed ownership history of properties, simplifying title flow and enhancing accessibility for brokers, landlords, and landowners. By automating document analysis and retrieval, including Encumbrance Certificates and 7/12 records, Landeed's AI analyzer empowers users to navigate complex property documents effortlessly, saving time and minimizing errors. With overwhelming traction and positive reviews since its launch, Landeed is poised for further success in reshaping the Indian real estate landscape....
Strata launches INR 78 crore investment offering in Viman Nagar, Pune
Strata, a leading player in India's tech-driven commercial real estate sector, has introduced a cutting-edge investment opportunity – fractional ownership of a Grade-A office space in Pune. Targeting INR 78 crore, the venture gained remarkable traction, securing over INR 38 crore within the first 48 hours. The 53,000 sq. ft. property in Viman Nagar, Pune's IT hub, features a strategic location with a five-year lock-in lease agreement, offering a 9.1% gross entry yield and a total Internal Rate of Return (IRR) of 13.1%. With a tenant commitment from India's largest flex working space provider, Strata continues to democratize high-end commercial real estate investment through fractional ownership, backed by notable institutional investors. This move highlights a growing trend in making commercial real estate accessible to a broader investor base....
L&T and Tata Realty lead India's shift towards prefab and precast construction
India's real estate and construction sector is evolving with Larsen & Toubro and Tata Realty & Infrastructure spearheading the adoption of advanced building methods, particularly prefabrication and precast technology. Despite challenges like design limitations and high logistics costs, clients favour prefab construction for its speed and efficiency. Government initiatives like 'Housing for All' utilize precast technology for residential units. While only a small percentage of the over USD 100-billion real estate market in India currently employs prefab methods, the sector is gaining traction, especially with an evolving homebuyer perception. Challenges, including initial investments and the demand for skilled labour, persist, but experts believe experience will overcome these hurdles, fostering widespread prefab acceptance....
Settl secures Rs 10 crore in funding to drive expansion in the co-living space
Settl, a prominent co-living operator, has secured Rs 10 crore in its pre-Series A funding round, led by Gruhas and We Founder Circle, among others. The investment boosts Settl's total funding to Rs 15 crore. Founded in 2020, Settl operates 60 co-living centers across major cities, offering 4,000 beds catering majorly to working professionals. With rental prices ranging from Rs 12,500 to Rs 18,000 per bed, Settl addresses the expanding premium co-living market. The fresh capital infusion will help strengthen working capital, expand the team, and enhance technology infrastructure, supporting the company's growth and expansion plans in India's thriving co-living sector....
Drone-Led Revolution: Pune Cantonment’s Tax Assessment Innovation
The Dehuroad Cantonment Board (DCB) in Pune utilised drone technology for a successful property tax reassessment, resulting in a fourfold revenue increase. Amit Mane, the defence estate officer, initiated the first-of-its-kind drone survey spanning nine villages and 11 slums. Recognizing the innovation, the Ministry of Defence awarded the DCB for its public service contributions. The collaboration with the College of Military Engineering’s dedicated team and the use of accurate drone images facilitated a smooth transition to the updated property assessments. Despite objections from 7,000 citizens, the cantonment authorities conducted 3,000 hearings, explaining the new assessment method to citizens and effectively addressing their concerns....
Proptech platform Strata hits Rs. 1300 crores AUM milestone, expands into western markets
Strata, India's leading proptech platform for fractional investments in commercial real estate (CRE), aims to surpass Rs. 2000 crores in assets under management (AUM) by the end of fiscal year 2023-24. Already crossing Rs. 1300 crores and 3.5 million sq. ft. in assets, Strata achieved remarkable 50% growth in AUM over eight months. With a 100% surge in its investor base, exceeding 3000, and 80,000 active users, the platform plans to expand its presence in western India. Strata's CEO, Sudarshan Lodha, highlights commitment to SEBI's regulatory changes, emphasizing transparency, risk mitigation, and unlocking opportunities in emerging markets like Pune and Jaipur....
Uttar Pradesh pioneers India's first AI city in Lucknow for comprehensive development
Uttar Pradesh is set to launch India's inaugural AI city in Lucknow, spread across 40-acres in the Nadarganj Industrial Area. An Expression of Interest has been extended to real estate developers, promising financial incentives like Capex support and stamp duty exemption. The AI city aims to integrate advanced technology, research centres, and educational institutions, fostering an ecosystem conducive to AI and MedTech. The plan envisions plug-and-play infrastructure, premium Grade- A office spaces, a mix of housing options, and AI-driven internal transport, aligning with a walk-to-work model and dedicated spaces for academic collaboration....
Proptech firm HouseEazy secures $1 million in seed funding led by Antler
HouseEazy, a proptech specializing in home resale, secured a significant $1 million seed funding from investors including Antler, India Accelerator, and industry leaders like Pirojsha Godrej and Sandeep Aggarwal. The funds will fuel HouseEazy's mission to bring trust, transparency, and efficiency to secondary real estate transactions through a data-driven technological platform. The surge in proptech funding, totaling $4 billion since 2009, reflects the industry's accelerated integration of technology. Notable proptech ventures securing funding include NoBroker.com, Reloy, Property Pistol, Landeed, and newcomers Crib and Settl., highlighting the sector's dynamic growth and transformative potential....
NILA Spaces launches VisionX program with $1 million investment for prop-tech start-ups
Real estate firm NILA Spaces is making a forward-looking move by investing $1 million in its innovative VisionX Program, aimed at supporting early-stage prop-tech start-ups in India. Managed by Awfficacy Capital, the 12-week rolling accelerator program provides financial backing and essential phases like business planning, strategy development, and market research. Participants receive personalized mentorship, access to the prop-tech network, and immersive sessions on business development. The program focuses on scalability and explores technological advancements in real estate. The initiative aims to shape the future of the prop-tech sector in India through comprehensive support and a focus on sustainability....
Revolutionizing Land Management: UPECL plans ILDNS for Meerut's Development Authority
The Uttar Pradesh Electronics Corporation Limited (UPECL) is developing an Illegal Land Use Detection Notification System (ILDNS) for Meerut, aimed at curbing unauthorized land use. Through a common portal, ILDNS will streamline 13 processes, including property registration, lottery draws, and e-auctions. It encompasses user management, finance systems, parole management, and more, fostering transparency and digitization within the Meerut Development Authority (MDA). The ILDNS initiative, backed by cloud housing and cybersecurity measures, is set to enhance workflow management, fortify MDA's processes, and set the stage for comprehensive digitization across various modules, bringing transparency and efficiency to land-use operations in Meerut....
Assetmonk forays into fractional ownership in Bengaluru with the launch of AM Whitefield
Assetmonk has introduced its latest venture, AM Whitefield, offering retail investors the chance to participate in Bengaluru's Grade A commercial property landscape. Developed by the Brigade Group, this LEED-certified property is situated within Brigade Tech Park in Whitefield, covering an entire floor, spanning 32,300 square feet, and featuring 31 leased car parking spots. The property is currently occupied by a leading American multinational. With a targeted internal rate of return (IRR) of 16%, an initial rental yield of 8.50%, and a capital multiplier of 1.8 over 4-6 years, AM Whitefield aims to be a significant investment opportunity through its fractional ownership model....
YourOwnRoom signs a $4 million partnership with Rushmore Estates
Alok Kumar Singh, head of Rushmore Estates, and Prabhat Kumar Tiwary, leading YourOwnROOM, have formalized a $4 million collaboration. The partnership aims to construct studio pads in Bangalore, catering to the demand for high-quality residences for young professionals. Over the next 5-7 years, they plan to develop 8–10 projects with 7,500–10,000 units. The first project in Sarjapur, valued at Rs 200 crore, comprises 630 units and is set for phased possession in April 2025. YourOwnROOM will serve as the exclusive rental and property management partner for the project, expecting a total rental value of Rs 34 crore over 5 years....
Naiknavare Developers introduces India's first tech-infused senior living homes in Talegaon
Pune-based Naiknavare Developers, known for community-centric projects, introduces India's first tech-assisted senior living homes in Talegaon. With 60 smart home units, the Kutumb project offers 2 & 3 BHK options, duplex houses, and townhouses. Developed in partnership with Primus, it features senior-friendly smart tech, including Alexa-controlled devices. The 16-acre site provides a tranquil environment with healthcare, leisure, and entertainment services. The project caters to diverse lifestyle needs, emphasizing healthy aging. Naiknavare aims to enhance its real estate portfolio with quality, affordable, and holistic senior living homes, addressing evolving demands in the senior care category....
Housing.com unveils an AI-driven price trend engine for real estate insights
Housing.com, a prominent real estate platform in India, introduces an AI-driven price trend engine employing machine learning and artificial intelligence to furnish users with vital pricing data and insights for property transactions. Initially available in Mumbai, Gurugram, Bengaluru, and Hyderabad, the tool utilizes a proprietary algorithm to analyse current market prices and price movements over the past 2-3 years. This innovative feature enhances user decision-making by offering in-depth insights into specific neighbourhoods, facilitating informed choices in property transactions....
Goa's leap into the future: Revolutionizing urban planning with 3D innovations
The Goa State Urban Development Agency (GSUDA) is prioritizing sustainable development through 3D-based urban planning. Addressing challenges like traffic congestion and resource mismanagement, GSUDA has invited firms to express interest in providing a 3D application for urban planning. The 3DCity Platform aims to simulate scenarios such as green energy potential, traffic solutions, new infrastructure, and security measures. GSUDA aims to integrate technology seamlessly with the urban landscape, becoming a model for sustainable development and innovation. The platform will assess air quality, flood levels, sound pollution, and security coverage, fostering efficient resource management for a smarter future....
Livsyt secures $2.5 million investment from Silicon Valley Quad and Inventus Cap
Livsyt, a real estate platform in India, has secured $2.5 million in funding from Silicon Valley Quad and Inventus Cap. Livsyt simplifies the home buying and selling process using artificial intelligence, providing users with an integrated platform for exploring homes, negotiating, and handling paperwork. The funding is seen as a significant boost, indicating confidence in Livsyt's approach to revolutionizing the real estate market in India. The platform collaborates with top developers and brokers, aiming to expand its presence in Indian cities. The investment serves as a vote of confidence in Livsyt's potential to bring positive change to the real estate sector....
Mindspace REIT pioneers sustainability in real estate with IMOC
Mindspace Business Parks REIT is revolutionising commercial real estate with the launch of its Infrastructure Monitoring & Operations Centre (IMOC). IMOC offers centralised control and real-time analytics for Mechanical, Electrical, and Plumbing (MEP) utilities, enhancing energy and water efficiency while improving occupant experience. Implemented in key projects in Mumbai, Pune, and Hyderabad, IMOC streamlines operations, optimises man-hours, reduces downtime, and extends infrastructure life cycles. This aligns with Mindspace Business Park REIT's sustainability goals, already meeting global Green Building standards, further emphasising the importance of operational energy efficiency in commercial real estate....
Square Yards, a prominent real estate platform, celebrates a significant milestone as its asset management division, PropsAMC, which has successfully helped over 300 homebuyers reclaim Rs 100 crore in contentious legal battles with developers. This achievement underscores Square Yards' dedication to safeguarding their clients' investments. Recognizing the challenges faced by homebuyers in complex legal disputes, PropsAMC established legal services to address these issues, along with property tax conflicts and owner disputes. The division's impact extends to digitizing 20 million property registration records, empowering users with valuable information for informed real estate decisions....
India's first home buying experience in Metaverse by Mahindra Lifespaces
Mahindra Lifespaces Developers Limited (MLDL) has revolutionised the real estate industry by launching India's first home-buying experience in the Metaverse. This pioneering initiative was introduced through a spectacular drone show in Pune, unveiling Mahindra Citadel's Phase 2, Bastion. The immersive Metaverse experience allows prospective buyers to explore, interact and customise their future homes, marking a significant leap in real estate innovation. MLDL's commitment to pushing technological boundaries and enhancing customer experience positions it as a trailblazer in the real estate sector....
Venture Capital firm Gruhas invests in co-working startup Qdesq
Qdesq, an innovative coworking start-up, has secured undisclosed funding from venture capital firm Gruhas amid rising demand for flexible office spaces in India. Qdesq stands out with its tech-enabled coworking solutions and introduced Qudify, a cutting-edge SaaS platform, further enhancing its appeal. With a vast network spanning 4,300 centres across 100 cities and a monthly run rate of 6,500 desk reservations, Qdesq is a key player in India's coworking landscape. The recent funding will fuel its growth, enabling the company to expand its team and enhance its technological capabilities....
Aurum PropTech reports a net loss increase to Rs 23.89 crore in Q2 FY24
Aurum PropTech has reported a net consolidated loss after tax of Rs 23.89 crore for the quarter ending on September 30, 2023, in contrast to a loss of Rs 10.82 crore in the corresponding quarter of the previous fiscal year. However, the company displayed robust growth in net consolidated total income, with Q2 FY24 witnessing a substantial income of Rs 57.53 crore, marking an 86.54% increase from the same quarter in the previous year. The company's Executive Director, Onkar Shetye, highlighted a significant reduction in losses incurred by NestAway, putting them on track to break even by the end of this financial year....
Proptech firm Blox will acquire a majority stake in Justo for Rs 350 crore
Blox, an AI-driven proptech firm, is in the final stages of acquiring a majority stake in Justo, a mandate brokerage company in Maharashtra valued at Rs 350 crore. The transaction will combine cash and stock. This acquisition holds great significance in India's real estate and proptech sectors, where both Blox and Justo have annual mandate businesses of around Rs 3,500 crore. The move is expected to fortify Blox's position as a premier proptech enterprise in India, propelling its consolidated gross merchandise value to nearly Rs 8,000 crore. This strategic shift showcases the transformative impact of proptech on the traditional real estate landscape....
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