Press Trust of India ( )
Proptech startup, which is into real estate advisory services, has raised Rs 45 crore from investors including ICICI Bank and Baring Private Equity Partners to expand its business.
Mumbai-based PropertyPistol was founded in 2012 by IIT alumni Ashish Narain Agarwal and later joined by Tushar Shrivastava as co-founder. It offers various tech solutions and advisory services to home buyers, real estate brokers and developers.
It plans to utilise the fund to expand its leadership team across business functions and augment its presence in newer markets both in India and abroad.
“This fundraise will help expand the company’s operations into newer geographies and yield significant business growth and value in the future,” Ashish Narain Agarwal, Founder and CEO, PropertyPistol, said.
The company will focus on new product development and also strengthen core verticals, such as the syndicate broker platform and project mandates.
Varun Batra, Partner, Baring Private Equity Partners India, said, PropertyPistol has built a highly credible and profitable business with prudent capital deployment.
The investment will enable the next phase of growth with an increased focus on marketplace technology and distribution, he added.
PropertyPistol said it has facilitated sales of more than 20,000 homes, managed over 5,000 projects and reached around $2 billion in transaction value across India and the Gulf Cooperation Council (GCC).
According to Housing.com data, between 2009 and June 2022, the proptech companies in India received a total of $3.42 billion in private equity funding.
Investors are betting on proptech firms as the use of innovative technologies, such as artificial intelligence (AI), internet of things (IoT) and virtual reality have increased significantly in the last three years in the real estate sector.
Recently, HDFC Capital Advisors increased its stake in proptech startup Loyalie IT Solutions (now renamed as Reloy) to 9.6% from 7.2% currently.
In January, Landeed raised $8.3 million (over Rs 67 crore) to expand its business. Landeed aims to build a comprehensive property title search engine.
Brick&Bolt has raised $10 million (about Rs 80 crore) from investors, including global venture capital firms Accel and Celesta Capital.
Set up in 2018, Brick & Bolt follows an e-commerce model and provides end-to-end services, including home construction, construction for businesses and building materials.