Proptech startup PropertyPistol, which deals in property advisory services, has raised Rs. 45 billion from investors including ICICI Bank and Baring Private Equity Partners to expand its business.
Based in Mumbai, PropertyPistol was founded in 2012 by IIT alumni Ashish Narain Agarwal and later joined by Tushar Shrivastava as co-founder. It offers various technical solutions and consulting services for homebuyers, real estate agents and developers.
The company has raised Rs 45 crore in a Series A financing led by ICICI Bank and Baring Private Equity Partners India.
It plans to use the fund to expand its leadership team across all business functions and increase its presence in newer markets both in India and abroad.
“This capital raising will help expand the Company’s operations into newer geographies and deliver significant business growth and value in the future,” said Ashish Narain Agarwal, Founder and CEO of PropertyPistol.
The company will focus on new product development and will also strengthen core verticals such as the syndicated brokerage platform and project mandates.
Varun Batra, Partner, Baring Private Equity Partners India said PropertyPistol has built a highly credible and profitable business with prudent use of capital.
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 the sale of more than 20,000 homes, managed over 5,000 projects and generated approximately $2 billion in transaction value across India and the Gulf Cooperation Council (GCC).
According to Housing.com data, the proptech companies in India received a total of $3.42 billion in private equity funds between 2009 and June 2022.
Investors are turning to proptech firms as the use of innovative technologies such as artificial intelligence (AI), Internet of Things (IoT) and virtual reality has increased significantly in the real estate sector over the past three years.
HDFC Capital Advisors recently increased its stake in proptech startup Loyalie IT Solutions (now renamed Reloy) from its current 7.2 percent to as much as 9.6 percent.
In January, Landeed raised USD 8.3 million (about Rs 67 crore) to expand its business. Landeed aims to build a comprehensive property title search engine.
Brick&Bolt has raised US$10 million (around Rs80 billion) from investors including global venture capital firms Accel and Celesta Capital.
Founded in 2018, Brick & Bolt follows an e-commerce model and offers end-to-end services including home construction, corporate construction and building materials.
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