Spyre PropTech to Launch Rs 400-Cr Fund Supported by Venture Catalysts and Neovon

• ByStartupStory     |    February 22, 2024

Spyre PropTech Venture Fund, backed by Venture Catalysts and Neovon, is gearing up to unveil its inaugural Rs 400-crore proptech fund. The fund aims to invest in over 30 early and growth-stage companies, with ticket sizes ranging from Rs 2 crore to Rs 8 crore for the early stage and Rs 15 crore to Rs 40 crore in the growth stage Series A and B rounds. Murali Krishna, Principal Investor at Spyre PropTech Venture Fund, expressed, “Considering the real estate sector’s robust growth trajectory and the pressing need for technological innovation within this domain, we firmly believe it’s the optimal moment to unveil a dedicated proptech fund.”

Krishna highlighted, “This initiative is not just about capital investment, it’s also about fostering a symbiotic ecosystem where proptech startups are not merely funded but are genuinely supported to scale and innovate.” He emphasized the hope for startups to enhance construction completion timings, ease project management, and reduce water and energy consumption. Multi-stage venture capital firm Venture Catalysts will serve as the seed investor and co-sponsor of Spyre, with support from CREDAI, the apex body of private real estate developers in India.

Boman Irani, President CREDAI and MD of Rustomjee Group, emphasized, “To be a part of the next tech disruption, it is imperative to promptly participate in the evolutionary process.” He expressed excitement about Spyre PropTech’s emergence as a leader and the potential collaboration with proptech startups.

Binitha Dalal, Co-founder of Neovon, highlighted the consortium’s belief in creating a win-win situation for proptech startups and the industry as a whole. “Backed by the industry, this fund will have the perfect edge, leading to empowerment, innovation, and unprecedented growth,” said Dalal.

The management team at Spyre includes Murali Krishna as the principal investor and Abhimanyu Bisht as the operating partner. Krishna brings over 15 years of experience in investment management, while Bisht, an MBA holder from ISB, has led numerous investments during his tenure as CEO at Venture Catalysts.

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