Tech-enabled commercial real estate (CRE) investment platform Strata has raised $6 million (Rs 44.6 crore) in a Series A round co-led by Kotak Investment Advisors, Gruhas Proptech and Sabre Investments.
Gruhas Proptech is a fund by Nikhil Kamath of Zerodha and Abhijeet Pai of Puzzolana Group for proptech investments and special situations and Sabre Investments is an investment firm by Rahul Talwar from the promoter family of DLF.
The round also saw Elevation Capital, Mayfield India and Gemba Capital.
In March 2020, Strata raised $1.5 million in seed funding co-led by Elevation Capital and Mayfield India along with participation from PropStack angel investors.
The company will use this capital to expand aggressively in the next year, taking its assets under management (AUM) of about Rs 330 crore to Rs 1,500 crore by 2021-22.
It is eyeing to spread its geographical footprint across key markets of Mumbai, Hyderabad, Chennai, Bengaluru, Delhi and Pune. The company also plans to accelerate product development and introduce new investment offerings to yield greater returns for its investors in the long term.
Besides, the firm is aiming to double its headcount in the current fiscal year. It is eyeing fresh recruits for the role of tech and product managers, investment managers and asset managers who will aid its growth plans of building a strong asset portfolio across the country.
Incorporated in May 2019 and founded by Sudarshan Lodha and Priyanka Rathore, Strata aims to be the largest alternative investment platform in the country for retail investors by enabling them to invest in CRE —by fractionalising assets and offering them on an online platform.
“Our aim is to democratise CRE as an asset class like never before in India. We are delighted to bring on board immensely diverse investors—a veteran like Kotak Investment Advisors and a dynamic new-age fund like Gruhas Proptech, representing the perfect blend of consummate experience and operational agility,” said Sudarshan Lodha, chief executive officer, Strata.
“Strata, in a very short span of time, has built a powerful asset class that is easily accessible to the masses. Investment in CRE has predominantly remained off-limits for most sections of the investor community in India. However, Strata has managed to close the gap by giving investors accessibility, transparency and affordability to invest in CRE through its offerings," said Srini Sriniwasan, managing director, Kotak Investment Advisors.
Currently, Strata’s platform has over 15,000 users along with an active base of more than 1,000 investors globally. While 20% of the investor base comprise NRIs, others include HNIs, family offices, top management from Fortune 500 companies as well as UHNIs and institutional investors.
