The Confederation of Real Estate Developers’ Associations of India (CREDAI) has partnered with Venture Catalysts to set up a $100 million fund for proptech startups in India.
CREDAI is an apex body of private real estate companies. Established in 1999, it has over 13,000 developers as members and 217 city chapters across 21 Indian states. Venture Catalysts is a startup incubator with a portfolio of companies across the real estate value chain. It provides startups with access to capital, resources, and corporate connections.
The $100 million fund will be available to growth-stage proptech startups specializing in data analytics, blockchain, artificial intelligence (AI) and augmented reality, in both the residential and commercial real estate sectors. The fund, according to CREDAI and Venture Catalysts, is aligned with the Indian government’s vision of digitalizing the country’s real estate sector, which is valued at an estimated $300 billion.
“Real estate was one of the few sectors that witnessed the adoption of technology even before the pandemic hit. However, post-Covid-19, this adoption has further increased to boost sales and experience. Hence there is a need for a dedicated fund that would help propel growth in the sector,” said Anuj Golecha, co-founder of Venture Catalysts.
Info Edge India, the parent of leading real estate marketplace 99Acres, has been at the forefront of investments into proptech startups. The publicly traded company invested in Terralytics, a real estate intelligence and analytics startup, in April and became a majority stakeholder in brokerage platform 4B Networks recently with an $11 million U.S. investment. Rival marketplace Square Yards, too, has made multiple acquisitions in the proptech domain over the last couple of years.
The setting up of a fund by an association of the status of CREDAI reflects the momentum of the proptech domain in India. Institutional support could further pave the way for more innovation, product development, and industry growth.