In an effort to promote the growth of proptech startups in India, Gruhas Proptech, with Anthill Ventures and DLF Family Office have launched the second cohort of their accelerator and proptech scaling program, Gruhas Aspire.
Under the six-month accelerator program, the three organisations will participate in mentoring the startups that are focused on offering solutions to improve productivity and sustainability in the construction and real estate sector.
Gruhas Proptech, Anthill Ventures and DLF Family Office will also invest in the winners of the cohort, said a statement on Tuesday.
The focus of the program will be to support early-stage startups that offer solutions for new, missions-free materials and technologies in construction, smart property management for selling and leasing, sustainable properties with clean energy, water use, and waste management, and those which bring offerings to ramp up investments and financing in real estate.
“We believe that these startups are at the forefront of the evolution with the rising demand for sustainable solutions, government initiatives, increasing investor interest, and technological advancements. We are excited to see new startups that are leveraging technology to solve some of the industry's most significant challenges,” said Abhijeet Pai, co-founder of Gruhas Proptech.
The first cohort of the Gruhas Aspire program, which included seven startups, cumulatively raised about Rs 22 crore, along with participation of outside investors. The program partners funded five of the seven startups directly, the statement added.
Among recent funding in proptech startups, John Salt Pvt Ltd, which runs proptech startup Landeed, in January secured seed funding of $8.3 million (around Rs 67.7 crore) co-led by Draper Associates, Y Combinator and Bayhouse Capital, with participation from Paradigm Shift VC, Salarpuria Sattva, 10x Founders Fund, Capital X, Olive Tree and Stonks fund.
A report by market research firm MarketsandMarkets shows that the global proptech market is projected to expand touch $9.7 billion in 2023 from 2018, growing at an annualized rate of about 18.0%. A separate report by Mordor Intelligence forecasts that by 2025, the smart building market will reach $109.48 billion, growing at a CAGR of 12.6% between 2020 and 2025.
