Property Tech startup TEAL Raises Funding of USD 2 Million led by Omidyar Network India

• ByStartupStory     |    April 29, 2022

Property tech start-up TEAL announced the closing of a Pre-Series A round of Rs 14.8 crore (USD 2 million) led by Omidyar Network India, with participation from existing investor Info Edge.

“We are building India’s very first digital title verification system, akin to a CIBIL for property. Just as CIBIL dramatically transformed the personal lending process in India — simplifying a series of otherwise usually manual, messy procedures to do due diligence on an individual before giving a loan — we aim to do the same for the property. We ,at TEAL, believe deeply in the mission of improving trust and transparency in real estate markets in India and are excited to partner with Omidyar Network India in our journey,” said Kshitij Batra, co-founder and Chief Executive Officer of TEAL.

The CEO further added that they are grateful that Info Edge has continued to express belief in the TEAL team by participating in this round and continue to value their deep knowledge and experience as TEAL expands its business.

“TEAL makes the process of mortgages and property acquisition cheaper and easier. TEAL improves access to housing finance, especially for those seeking to own affordable housing, by creating a single searchable repository for lenders, insurers, and lenders. By building a comprehensive data driven digital platform for property and land records, the startup is building a critical sector infrastructure that will improve trust and transparency in the real estate sector in India. The founding team’s passion for building this key infrastructure makes this a very exciting investment for us,” said Shilpa Kumar, who is a Partner at Omidyar Network India.

TEAL’s existing clients include some of the country’s leading mortgage lenders, such as Kotak, HDFC, and HomeFirst, as well as retail users seeking reliable data on individual properties across India.  TEAL’s core product is an AI-driven solution for property due diligence in India. With over 50 million addresses covered across 52 cities and 12 states, the startup has the largest repository of real estate data in India

TEAL uses cutting-edge Machine Learning algorithms to clean, standardise and translate property records that can facilitate easier decision making with regard to land related transactions. With this fundraise, the Bangalore-based startup will be working on increasing geographical coverage, expanding its data engineering capabilities, and providing more analytics-driven, actionable insights to its users.

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