PropShare announced last week that it has raised Rs. 367 crores (US$ 47 million) in Series B fundraising headed by WestBridge Capital with participation from previous investors Pravega Ventures.
PropShare plans to use the revenues to rapidly extend the platform across countries and asset classes by increasing distribution channels and investing in technology and people.
On the client side, the company will concentrate on utilising technology to improve the platform’s user experience by increasing liquidity, offering innovative product lines, and strengthening investor connections.
Commenting on the announcement, Hashim Khan, Co-founder & CTO, PropShare said, “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 c. Rs. 1,000 crores of assets facilitated on the platform, PropShare is the largest commercial property investment platform in India. By partnering with WestBridge Capital, we plan to grow to 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.”
Kunal Moktan, Co-founder & CEO, PropShare said, “Our focus on high quality institutional rent-yielding real estate has led to strong investor growth and rapid adoption of the platform among users for alternative investments.
“PropShare’s aim is to become the single largest platform for real estate investments globally. We are therefore extremely excited to partner with WestBridge Capital, which has a demonstrated history of the building and partnering with high-quality Indian businesses across public and private markets.
“Raising capital in what has been a challenging time for tech companies globally is also a testament to the quality of what we have built at PropShare and its continued appeal to investors seeking alternatives to traditional investment asset classes. We would also like to take this opportunity to thank investors for their continued trust and patronage of the platform.
“Indian commercial real estate is an attractive USD100bn market with limited access to investors. 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 believe the product offers a compelling proposition for end customers with ~9% yield / annualized dividend, 4-6% annual appreciation and strong downside protection.
“We are very excited to partner with Kunal and Hashim who come with significant experience in institutional real estate investing and technology. PropShare has scaled to USD 125mn+ AUM with high capital efficiency and has already achieved profitability.”, Deepak Ramineedi, Partner at WestBridge Capital said.
“Kunal and Hashim have built a truly world-class platform that has opened a very attractive asset class for Indian investors. We are excited to continue backing them in their mission to make this a global platform.”, Rohit Jain, Partner at Pravega Ventures said.