Real estate investment platform PropReturns has raised a funding of $1.2 million (around Rs 9 crore) from investors, including US-based Y Combinator, Goodwater Capital and Soma Capital, the company said in a statement on Thursday.
The company said that it plans to utilise the funds to expand into other cities and widen the asset classes in its marketplace. It is also planning to scale and grow transactions, educate and onboard more property investors and sellers on the platform, the company added.
Founded in 2021 by BITS Pilani graduates Kenish Shah, Jayant Panwar and Somil Mathur, Propreturns Real Estate Technology Pvt. Ltd. uses artificial intelligence (AI)-based algorithms and a proprietary database to make the process of investing in commercial real estate easier.
According to the statement, the platform provides an option for those looking to sell their commercial properties that are currently on rent. They can list their properties on PropReturn's website. It claims that PropReturns is catering to over 4,000 investors, wealth managers, and real estate funds to invest in rent-generating commercial properties across India.
The platform has more than 450 pre-leased properties to offer to its investors, listed by over 500 commercial property landlords, real estate developers, channel partners and institutions, it added in the statement.
In a similar space, recently, Tenantcube Technologies Pvt Ltd, a property management startup, raised $250,000 (around Rs 2 crore) in pre-Seed funding round from Archana Priyadharshini of PointOne Capital, Ashish Sharma of Innoven Capital, and Rob K. Dawson of Vensuris Group of Companies.
In November, Lumos Alternate Investment Advisors Pvt Ltd and Gruhas Proptech LLP partnered to raise a Rs 500 crore real estate fund.