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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.
Spyre PropTech, a venture fund dedicated to the proptech sector, is aiming to raise INR 400 crore in the initial phase of an INR 800 crore fund. The fund, supported by Venture Catalysts and NeoVon, intends to invest in more than 30 Indian proptech startups, focusing on early and growth stages. CREDAI (Confederation of Real Estate Developers Associations of India) is backing the venture, and the fund has obtained approval from the Securities and Exchange Board of India (SEBI) as a category II alternative investment fund (AIF) with an additional green-shoe option of INR 400 crore. The investments are expected to support technological innovation in the real estate sector, contributing to its growth and evolution. Advertisement
The proptech sector in India is gaining momentum, with the fund eyeing startups with ticket sizes ranging from INR 2-8 crore in early stages to INR 15-40 crore in growth stage Series A and B rounds. CREDAI President Boman Irani expressed excitement about Spyre PropTech's emergence as a leader in the proptech space, highlighting the potential for technological advancements in real estate.
The fund's backing from Venture Catalysts, India's first multi-stage venture capital firm, adds a significant dimension to Spyre's capabilities. As the seed investor and co-sponsor of Spyre, Venture Catalysts brings its decade-long experience of supporting over 250 startups, including leading proptech companies, to the table. Anil Jain, General Partner at Spyre Proptech Venture Fund, emphasized that proptech is a whitespace offering tremendous opportunities for Indian entrepreneurs. He noted that while India already has six unicorns in the proptech segment, there is a lack of a dedicated fund for the sector, and Spyre aims to fill this gap.
The fund's management team, with more than three decades of combined experience, includes Murali Krishna as Principal and Abhimanyu Bisht as an operating partner. Murali, with over 15 years of investing experience, has previously led Kolte Patil family office and Ronnie Screwvala's Unilazer Ventures. Abhimanyu, formerly the CEO of Venture Catalysts, has led over 250 investments in more than 100 startups.
The establishment of Spyre PropTech Venture Fund aligns with the broader trend of increased interest and investment in proptech globally. The fund's focus on nurturing startups in the proptech sector reflects the growing recognition of technology's role in shaping the future of real estate and related industries.
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