Blog

Proptech startup PropReturns has raised an undisclosed amount of investment from Kunal Shah of CRED in a strategic funding round. 

Gokul Rajaram from Coinbase and Pinterest, 1947 Rise, Varun Alagh from Mamaearth, Sandeep Agarwal from ShopClues and Droom, Nitin Jain from Ofbusiness and Karan Virwani have also participated in the funding round. 

PropReturns will use the funds to add more asset classes, increase its investor base and form partnerships with more real estate brokers, developers and property owners.

“In just one year of operation, PropReturns has conducted transactions worth more than Rs 100 crore through the platform. Our execution and vision for PropReturns has helped us onboard leading angel investors, founders and real estate veterans in this strategic round, all of whom align with our business,” Jayant Panwar, cofounder of PropReturns, said.

Founded in 2021 by BITS Pilani graduates Kenish Shah, Jayant Panwar, and Somil Mathur, PropReturns offers realty investments including pre-leased commercial properties, REITS, and fractional investments, among others. It has a presence in Mumbai and Delhi-NCR and is planning to expand in Pune, Hyderabad and Bengaluru.

PropReturns also plans to widen its tech team that will offer analytics and market trends to investors.

Earlier, it raised $1.2 Mn from Y Combinator, Soma Capital and Goodwater capital and a slew of strategic angel investors.

In the proptech segment, it faces competition from the likes of Square Yards, TEAL and NoBroker. 

As per Housing.com’s report, India’s proptech sector has attracted over $551 Mn in 2020 as compared to $549 Mn investments made in 2019.

India’s real estate market, which is poised to grow to $1 Tn by 2030, has witnessed a host of proptech startups working in the space.

ADM Capital-backed Square Yards, Omidyar Network-backed TEAL and Nikhil Kamith-backed Gruhas Proptech are some of the proptech startups in India.