Real estate investment startup PropShare has raised $47 million (around Rs 367 crore) from WestBridge Capital and Pravega Ventures to ramp up hiring, strengthen technology and offer more asset classes for investments on its platform.
According to media reports, the company’s valuation stands at $170 million (around Rs 1,300 crore) after this Series B round. The company did not respond to a request for confirmation.
On the customer’s side, the startup said it will focus on leveraging technology to further improve the user experience by enhancing liquidity and adding newer product lines.
Founded in 2016 by IIM-Ahmedabad alumni Kunal Moktan and Hashim Khan, PropShare allows ordinary users access to institutional grade assets with 8-10% in-place rental yields and 17-20% returns. The company takes complete responsibility for sourcing, due diligence, property management and sale on behalf of users, making owning, managing and exiting commercial real estate simple and transparent.
PropShare has scaled to $125 million+ assets under management.
“By partnering with WestBridge Capital, PropShare plans to grow to over $1 billion in transacted assets on the platform by expanding into new geographies and property types,” Khan said in a statement.
PropShare claims to have facilitated Rs 1,000 crore worth of assets on the platform so far.
Indian commercial real estate is an attractive $100-billion market with limited access to investors, said Deepak Ramineedi, partner at WestBridge Capital.
Last week, WestBridge helped sales automation SaaS platform LeadSquared enter the much-coveted unicorn club.