Resale Focused Prop Tech 3.0 Platform Settlin raises $1 Mn in pre-series A funding round
- ByStartupStory | June 20, 2022
Proptech startup Settlin has secured $1 million in a pre-series A round of funding led by Powerhouse Ventures, Rajesh Sawhney’s GSF Fund, and prominent angel investors Murugavel Janakiraman (Founder & CEO, Bharat Matrimony), Dinesh Agrawal (Founder & CEO, IndiaMART), and others.
Settlin executes residential property resale transactions from beginning to end at the client’s doorstep. The company keeps detailed and accurate property profiles, inspects homes physically, and oversees the entire process, including legal verification, home loans, and sale deeds. Settlin, the company’s app, was recently released on the Google Play Store.
Buying or selling a resale home is a major hassle. Only lead generation systems and brokers are available to assist sellers. Lead-generation platforms necessitate a significant amount of time and effort to screen leads and manage operations. Local brokers’ inadequate bandwidth results in a disjointed experience. It’s tough for purchasers to find all of their options in one spot. They are then compelled to visit the homes simply to obtain basic information such as layout, built-up area, and so on. If they prefer the house, they’ll need to work with a number of lawyers, banks, municipalities, RWAs, and CAs to secure a selling deed.
Settlin has expanded fourfold in the last two quarters and now assists over 5000 potential buyers with over 1200 property inspections per month. The fresh money will be used to expand within Bengaluru and strengthen its consumer-tech platform. In the next 12 months, it hopes to conduct 24,000 visits across Bengaluru, resulting in over 800 property transactions for Rs 600 crore.
“The home buying process in India has tremendously fragmented the experience with home resale is even more shattered. Settlin’s digitization of the complete resale process, from curation to transaction, is transforming the house buying and selling experience by offering end-to-end transparency and efficiency,” says Kshitij Golwalkar, General Partner at Powerhouse Ventures.
Settlin’s belt conveyor strategy provides customers with an end-to-end doorstep execution of buying and selling resale homes, from online search to offline property inspections to online documentation, legal, lending, and final sale deed registration. It has already established itself as a market leader in the area across India, thanks to the correct technology and the ability to conduct millions of property inspections across geographies. Settlin’s plan is to expand to 11 major cities in the next five years, starting with Mumbai, with a 20 per cent market share in Bangalore and a 5 per cent market share across India.
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