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Funding alert
- as ifStart Story | May 6, 2023
Mumbai-based proptech startup PropertyPistol.com has raised INR 45 crore from investors including ECCI Bank and Baring Private Equity Partners to expand its business. In the year Founded in 2012 by IIT alumnus Ashish Narain Agarwal and later joined by Tushar Shrivastava as co-founder, the company provides a range of technology solutions and consultancy services to home buyers, real estate brokers and developers.
“We are delighted to receive this investment from ICCI Bank and Baring Private Equity Partners, which will help expand the company’s operations into new geographies and drive significant business growth and value in the future,” said Ashish Narain Agarwal, Founder and CEO, Property Pistol. .com.
The startup plans to use the funds to expand its leadership team in business operations and increase its presence in emerging markets in India and abroad. It will focus on new product development and strengthen core verticals such as syndicated broker platform and project mandate.
PropertyPistol.com has facilitated the sale of over 20,000 homes, managed over 5,000 projects, and transacted around $2 billion across India and the Gulf Cooperation Council (GCC). Varun Batra, Partner, Baring Private Equity Partners India said, “The investment will enable the next phase of growth with increased focus on market technology and distribution.
According to data from Housing.com, protech companies in India received a total of $3.42 billion in private equity funding between 2009 and June 2022. Investors are betting on proptech companies using innovative technologies like artificial intelligence (AI). Things (IoT) and virtual reality have grown exponentially in the real estate sector over the past three years.
Other proptech startups in India were also raising funds to expand their businesses. HDFC Capital Advisors recently increased its stake in proptech startup Loyal IT Solutions (now renamed Reloy) from 7.2 per cent to 9.6 per cent. In January, Landed raised $8.3 million (over INR 67 crore) to expand its business, while Brick & Bolt raised $10 million (around INR 80 crore) from investors, including Accel and Celesta Capital.
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