Propdial, the Gurugram-based Proptech start-up raises Rs 1 crore through debentures.
- ByStartupStory | November 30, 2021
Prop-tech start-up from Gurugram, Propdial, raised Rs1 crore through compulsory convertible debentures in a larger 2-2.5 crore round. Propdial’s co founder and CEO Vijay Prajapati said in a statement, “The funds raised from this round will be largely used for people and products as we want to improve our product features while adding more resources in sales and operation functions, We are very much on our target of 5X revenue growth this fiscal and that will set the new base for bigger jumps in coming years, as the market we are addressing is huge and largely untapped.”
On their plans for Chennai, the company’s COO and co-founder Gopal Mishra said, “As we see a very high demand for property management service, lately we have kicked off our operation in Chennai in addition to adding Tier-II cities.” Furthermore, he also added that the new partnerships with ecosystem players are giving a boost to their expanding customer base.
Propdial, the company that helps people manage property remotely had pivoted into property management in 2017. The company had already raised seed funding in early 2021 and plans a larger funding round in January-March 2022.
Within a short period of time, Propdial has grown its operation to eight states and twenty cities. The existing customer base also spans over 45 countries.
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