Proptech
Naredco Maharashtra Launches Rs 50 Crore RealTech Fund for Real Estate Tech Startups
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ByStartupStory | September 8, 2023
Naredco’s Maharashtra chapter is establishing a proptech fund named the ‘RealTech Fund (RTF)’ with an initial capital of Rs 50 crore to support technology startups in the real estate industry. The fund will be officially launched on September 15 during the annual event, The Real Estate Forum 2023.
“The developers have initially committed a corpus of Rs 50 crore, which will be further scaled as per the response to the fund,” Naredco said in a statement.
This fund promises to propel and accelerate the growth of the real estate industry in India through innovation and technology, it added.
Sandeep Runwal, President of NAREDCO-Maharashtra and Managing Director of Runwal Group, said, “We believe that technology is going to play a major role in the healthy growth of the real estate sector going forward”.
This RealTech Fund is being set up to support startups in the real estate ecosystem in order to meet current and future challenges head-on, Runwal added.
Commenting on the new fund, Akhil Saraf, founder of HDFC Capital-backed startup Reloy, said, “Real estate requires unique technology to cater to the needs of the housing industry”.
“This will help the entire lifecycle from customer experiences to construction quality and redefine this asset class, which holds 77 percent of India’s household wealth,” Saraf said.
Proptech companies have gained substantial funding, totaling USD 4 billion since 2009, according to data from Housing.com. This growth has been driven by the increased adoption of technology in the real estate sector, particularly since the onset of the COVID-19 pandemic.
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