Proptech startup PropertyPistol raises Rs 45 crore from ICICI Bank and Baring Private Equity Partners for expansion

• ByStartupStory     |    May 6, 2023

Mumbai-based proptech startup PropertyPistol.com has raised INR 45 crore from investors including ICICI Bank and Baring Private Equity Partners to expand its business. The company, which was founded in 2012 by IIT alumni Ashish Narain Agarwal and later joined by Tushar Shrivastava as co-founder, offers various tech solutions and advisory services to home buyers, real estate brokers, and developers.

“We are thrilled to have received this investment from ICICI Bank and Baring Private Equity Partners, which will help expand the company’s operations into newer geographies and yield significant business growth and value in the future,” said Ashish Narain Agarwal, Founder and CEO of PropertyPistol.com.

The startup plans to utilize the funds to expand its leadership team across business functions and augment its presence in newer markets both in India and abroad. It will focus on new product development and also strengthen core verticals, such as the syndicate broker platform and project mandates.

PropertyPistol.com has facilitated sales of more than 20,000 homes, managed over 5,000 projects, and reached around $2 billion in transaction value across India and the Gulf Cooperation Council (GCC). “The investment will enable the next phase of growth with an increased focus on marketplace technology and distribution,” said Varun Batra, Partner at Baring Private Equity Partners India.

According to Housing.com data, proptech companies in India received a total of $3.42 billion in private equity funding between 2009 and June 2022. Investors are betting on proptech firms as the use of innovative technologies, such as artificial intelligence (AI), internet of things (IoT), and virtual reality, has increased significantly in the last three years in the real estate sector.

Other proptech startups in India have also been raising funds to expand their businesses. HDFC Capital Advisors recently increased its stake in proptech startup Loyalie IT Solutions (now renamed as Reloy) to 9.6% from 7.2% currently. In January, Landeed raised $8.3 million (over INR 67 crore) to expand its business, while Brick&Bolt raised $10 million (about INR 80 crore) from investors, including global venture capital firms Accel and Celesta Capital.

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