PropShare Raises $47 Million In Series B Funding
The company will use the funds to rapidly scale the platform across geographies and real estate asset classes by expanding distribution channels and investing in technology and people
PropShare, a real estate investment platform, raises $47 million in Series B funding round led by WestBridge Capital. The round also saw participation from Pravega Ventures and existing investors. As per a statement, the company will use the fund to rapidly scale the platform across geographies and real estate asset classes by expanding distribution channels and investing in technology and people. On the customer side, the company will focus on leveraging technology to further improve user experience on the platform by enhancing liquidity, adding newer product lines and strengthening investor relations.
"PropShare has been the pioneer and market leader in the technology-driven real estate investment space in India making what has been a traditional but lucrative asset class, accessible to ordinary investors. With INR 1000 crores of assets facilitated on the platform, PropShare is the mainstream commercial property investment platform in India. By partnering with WestBridge Capital, we plan to grow over $1 billion in transacted assets on the platform by expanding into newer geographies and property types, while keeping technology and our investors at the core of our offering," said Hashim Khan, co-founder and CTO, PropShare.
Founded in 2016, PropShare assumes complete responsibility of sourcing, due diligence, property management and sale on behalf of users making owning, managing and exiting commercial real estate simple and transparent. It is a technology-driven real estate investment platform that allows ordinary users access to institutional grade assets with 8 to 10 per cent in-place rental yields and 17 to 20 per cent returns, claimed by the company in a statement.
"PropShare is a pioneer in the space, enabling investors to purchase high-quality commercial real estate assets in the same manner as institutional funds. We are very excited to partner with PropShare team who come with significant experience in institutional real estate and technology. PropShare has scaled to over $125 million AUM with high capital efficiency and has already achieved profitability," said Deepak Ramineedi, partner, WestBridge Capital.