Spyre PropTech Venture Unveils Rs 400 Crore Fund to Ignite Proptech Revolution in India

• ByStartupStory     |    February 23, 2024

In a strategic move aimed at fueling innovation in the Indian proptech landscape, Spyre PropTech Venture, supported by Venture Catalysts and Neovon, is gearing up to initiate the first phase of its Rs 400 crore proptech fund. The primary objective is to facilitate substantial investments in more than 30 emerging Indian startups operating in the proptech sector.

Venture Catalysts, a prominent multi-stage venture capital firm, serves as the seed investor and co-sponsor of Spyre. The venture fund has garnered support from CREDAI, the apex body of private real estate developers in India.

The maiden fund is poised to channel investments into both early and growth-stage companies. Ticket sizes are expected to range from Rs 2-8 crore in the early stages and Rs 15-40 crore in series A and B rounds during the growth stage. Securing an AIF Cat II license from SEBI, the fund is further fortified by an additional green-shoe option of Rs 400 crore.

Boman Irani, President of CREDAI and Managing Director of Rustomjee Group, expressed enthusiasm about the venture, stating, “To be a part of the next tech disruption, it is imperative to promptly participate in the evolutionary process. The ambit of technological advancements in the real estate sector is vast, and we are excited to witness Spyre PropTech’s emergence as the leader in this respect. We look forward to working with proptech startups, making it a win-win for all.”

Spyre, anchored and co-founded by Neovon, a consortium of leading developers, has committed 20 per cent of the fund size as an anchor within the fund. Binitha Dalal, co-founder of Neovon, emphasized the collaborative approach, stating, “As a consortium of developers, we truly believe that the only way to find success is to build 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.”

Anil Jain, General Partner at Spyre PropTech Venture Fund, highlighted the vast opportunities proptech presents for Indian entrepreneurs. He stated, “Proptech is a ‘whitespace’ which offers tremendous opportunities for Indian entrepreneurs. India already has six unicorns in the segment, yet we don’t have a focused fund for the sector. We are building Spyre from day one with a team and investors that have relevant expertise for building India’s First proptech-only fund.”

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