PropShare raises Rs 367 crore in Series B funding
Mumbai: Real estate startup PropShare has rasied Rs 367 crore (USD 47 million) in Series B funding led by WestBridge Capital. Existing investor Pravega Ventures also participated.
PropShare will utilize the proceeds to scale up the platform in various geographies and also in real estate asset segments by enhancing distribution channels and tech improvement, the company said in a statement.
Hashim Khan, Co-founder & CTO, PropShare said, “PropShare has been the pioneer and market leader in the technology driven real estate investment space in India making what has been a traditional but lucrative asset class, accessible to ordinary investors. With c. Rs. 1,000 crores of assets facilitated on the platform, PropShare is the largest commercial property investment platform in India.”
Kunal Moktan, Co-founder & CEO, PropShare said, “Our focus on high quality institutional rent-yielding real estate has led to strong investor growth and rapid adoption of the platform among users for alternative investments. PropShare’s aim is to become the single largest platform for real estate investments globally. We are therefore extremely excited to partner with WestBridge Capital, who have a demonstrated history of building and partnering with high quality Indian businesses across public and private markets.”
“Indian commercial real estate is an attractive USD100bn market with limited access to investors. PropShare is a pioneer in the space, enabling investors to purchase high-quality commercial real estate assets in the same manner as institutional funds. We believe the product offers a compelling proposition for end customers with ~9% yield / annualized dividend, 4-6% annual appreciation and strong downside protection” said Deepak Ramineedi, Partner at WestBridge Capital.
“Kunal and Hashim have built a truly world class platform that has opened a very attractive asset class for Indian investors. We are excited to continue backing them in their mission to make this a global platform.” said Rohit Jain, Partner at Pravega Ventures.