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Property startup PropReturns raises funds from Cred’s Kunal Shah and others

Proptech start-up PropReturns, which is a marketplace for real estate investment, announced on Tuesday that it has raised funds from investors, including Cred’s Kunal Shah.

However, he did not reveal the amount.

The company, which was founded by BITS graduates Pilani Kenish Shah, Jayant Panwar and Somil Mathur in 2021, has raised ‘an undisclosed amount of funding via a strategic round from leading angel investors’. The funding round saw the participation of Cred’s Kunal Shah, Gokul Rajaram (board member – CoinBase and Pinterest), 1947 Rise, Varun Alagh (co-founder of Mamaearth), Sandeep Agarwal (co-founder of ShopClues and Droom), Nitin Jain (Of-Business) and Karan Virwani among others, according to a company statement.

PropReturns will use the funds to scale quickly by adding more asset classes. It will also aim to increase the investor base and partner with more distribution partners/real estate brokers, developers and property owners.

The company, which has a presence in Mumbai and Delhi-NCR, is looking to expand into Pune, Hyderabad and Bengaluru.

PropReturns is also looking to expand its technology team to provide deeper analysis and market trends for investors to make data-driven investment decisions.

“In just one year of operation, PropReturns has completed transactions worth over Rs 100 crore through the platform. Our execution and vision of PropReturns has helped us bring in leading angel investors, founders and real estate veterans into this strategic cycle, all of whom align with our business,” Panwar said.

Within months of its inception, PropReturns Real Estate Technology Pvt Ltd raised $1.2 million in funding from Y combinator, Soma Capital and Goodwater Capital and a range of strategic angel investors, according to the release.

Property developers and consultants have noted that technology adoption has surged in Indian real estate following the outbreak of the COVID pandemic in April 2020. As a result, investments in proptechs have also increased.

According to Housing.com’s report, India’s proptech sector attracted more than $551 million in 2020, surpassing investments by $549 million in 2019.

Top deals in the proptech space over the past two years include Bengaluru-based NoBroker.com, which raised $210 million from investors at a $1 billion valuation to become the first unicorn in the proptech sector.

In October 2020, the Australian company REA Group Ltd and the American company News Corp fully acquired Elara Technologies, which owns three main real estate portals: Housing.com, Makaan.com and PropTiger.com.

Last month, Bengaluru-based PropShare raised $47 million.

Kerala-based BuildNext raised $3.5m, while Settlin, which does home resale brokerage, raised $1m.

In May this year, HDFC acquired a 7.2% stake in Loyalie IT Solutions Pvt Ltd (now Reloy) for Rs 1.1 crore.

Xanadu Realty, which helps builders design, market and sell properties, has received a strategic investment from HDFC and HDFC Life Insurance Co Ltd.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)