Settlin Raises $1 Million In Pre-Series A Led By Powerhouse Ventures Funds raised will be utilized for expanding their presence in Bangalore and digitizing the operations further
By Soumya Duggal •
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Settlin, a digital broker for resale homes, has raised $1 million in a pre-series A round from Powerhouse Ventures, Rajesh Sawhney founded-GSF Fund, and marquee angel investors Murugavel Janakiraman (founder and CEO, Bharat Matrimony), Dinesh Agrawal (founder and CEO, IndiaMART) and others.
Settlin provides end-to-end doorstep execution of residential property resale transactions. The company claims to maintain in-depth and accurate property profiles, physically inspects properties, and manages the entire transaction, including legal verification, home loan and sale deed. The company has recently launched its app Settlin on the Google Play Store.
Selling or buying a resale home is a big pain point. Sellers have only lead generation platforms and brokers to get help from. Lead-gen platforms demand huge efforts in filtering the leads and managing operations. Local brokers with their limited bandwidth give a very fragmented experience. For buyers, just finding all options in one single place is impossible. They are then forced to visit the properties just to get the basic details like layout, built up area etc. If they like the property, they have to coordinate with multiple lawyers, banks, municipality, RWA, CAs to ultimately get a sale deed.
"The residential resale market is three times that of new sale, and holds the key to truly organize the entire Real Estate transactions industry, forever. This ever growing sector remains unorganised and complex to crack because of its multiple moving parts. As a result, Proptechs and organized brokers mainly focus on the low hanging fruits i.e. being a property classified or doing developer sales (channel sales). Bringing even an iota of change in an industry this big needed in-depth understanding, careful planning and elaborate execution," said Ashish Srivastava, co-founder and CEO, Settlin.
"Home buying experience in India is extremely fragmented. The experience with the resale of homes is even more broken. Settlin's digitization of the entire resale process, from curation to transaction, is rapidly changing the home buying and selling experience bringing end-to-end transparency and efficiency," said Kshitij Golwalkar, general partner, Powerhouse Ventures.
Settlin plans to expand to 11 metro cities, starting with Mumbai, in the next five years covering 20 per cent market share in Bangalore and five per cent pan India.
