A brainchild of IIT alumnus Ashish Narain Agarwal (Founder & CEO) and Tushar Shrivastava, (Co-founder & CTO), PropoertyPistol.com is a tech-based real estate venture that has made a place for itself in the market.
Speaking about the pandemic’s effect on business, Ashish says that the last three months have been the best in the company’s history. There was a lot of pent-up demand post-COVID-19 and that has materialised with a little push from the government.
Several measures, such as a reduction in home loan rates, were taken by both the central and state governments across the country. He adds that the overall sentiments were positive and the investments that came into the industry helped push the demand.
“The sales have been robust. It has picked up well for almost all the players across the board,” says Ashish.
Speaking of key trends, he says that currently, people are looking at bigger houses with more space for work from home. This trend was accelerated by the fact that work-from-home has become an integral part of the industry (particularly the IT industry).
“Bigger houses, closer to nature – so we are seeing good demand in that,” he says.
Additionally, ready-to-move-in homes are seeing traction. People are also now looking towards more branded developments. The space is getting consolidated and branded players are capturing the market share, says Ashish.
He mentions that last year PropertyPistol.com sold around Rs 2,000 crore worth of inventory and is looking to close this year at around Rs 4,500-5,000 crore worth of sales.
“On a monthly basis we are selling close to 700 odd units if I look at the last few months,” says Ashish.
When compared to the pre-COVID situation, the company has almost doubled the numbers. This growth is attributed to the inherent strength in the company’s automation space, investments they have made in technology and the quality of the team.
Mumbai-based PropertyPistol is targeting a 5x growth in the next three years, and this would be on through aggregation of small-time agents, the co-founder says.
The company has a tech-enabled broker aggregation platform called PropertyPistol Syndicate that connects brokers all over the country. “It’s a B2B (business-to-business) platform and the interface is through a mobile app. Both on android and apple store the brokers can download the app and stay connected with our launches,” he says.
Over 5,000 brokers are downloading this app on a monthly basis and this will go on to be a huge distribution network for branded developer partners, he asserts.
Commenting on the fundraising scenario, Ashish says that the company has always been profitable.
“We have been almost doubling every year. So this year also we are looking to double our size,” he says.
PropertyPistol.com is targeting a Series B fundraise of around $30-50 million.
Lastly, Ashish shares that their ARR (annual recurring revenue) is close to Rs 125 crore on an annual run rate basis and the company is planning to close this year around that number. On a booking basis, the company is close to Rs 170 crore in terms of the top line.
