Real estate startup PropShare bags $47 million in the Series B round of funding
- ByStartupStory | June 27, 2022
WestBridge Capital and Pravega Ventures have invested $47 million in Bengaluru-based PropShare, a real estate investing business. By extending distribution channels, investing in technology and people, and increasing distribution channels, the business intends to use the money to build the platform across regions and real estate asset classes. The proptech business also intends to enhance liquidity, create innovative product lines, and increase investor connections in order to improve the customer experience.
PropShare, which was founded by Kunal Moktan and Hashim Khan in 2016 has provided access to institutional-grade properties with returns of 17–20% and in-place rental yields of 8–10%. When customers buy, manage, and sell commercial real estate, the platform takes full responsibility for all sourcing, due diligence, property management, and sales on their behalf.
In a $100 billion sector that accounts for 5-7 percent of India’s GDP, PropShare competes with companies like Strata and NestAway. So far, PropShare has enabled Rs 1,000 Cr worth of assets on the platform. By collaborating with WestBridge Capital, it hopes to expand into additional regions and property kinds and increase the amount of assets exchanged on the platform to above $1 Bn.
Retail investors can search properties on the web-based platform of PropShare, purchase partial or full interests in properties, and begin receiving rent payments directly into their bank accounts. On PropShare, users may keep an eye on their portfolios and even sell their shares. The website for investing in real estate now allows users to invest in select regions of the UK as well as Bengaluru, Mumbai, Chennai, Hyderabad, and Pune.
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