Proptech startup PropShare raises $47 million led by WestBridge Capital
PropShare, a firm in the proptech industry, has raised Rs 367 crore ($47 million) in funding from current backers Pravega Ventures and WestBridge Capital.
The funds will be used by the real estate investment platform to develop its platform across regions and real estate asset classes by widening distribution routes and investing in people and technology.
“By partnering with WestBridge Capital, we plan to grow to over $1 billion in transacted assets on the platform by expanding into new geographies and property types while keeping technology and our investors at the core of our offerings,” Hashim Khan, cofounder & chief technology officer (CTO), PropShare said.
The organization will also concentrate on utilizing technology to enhance platform user experiences for the clients by boosting investor interactions, expanding product lines, and raising liquidity.
“We are very excited to partner with Kunal [Moktan] and Hashim [Khan] who come with significant experience in institutional real estate investing and technology. PropShare has scaled to $125 million+ in AUM with high capital efficiency, and has already achieved profitability,” said Deepak Ramineedi, partner at WestBridge Capital.
A technology-driven real estate investment platform called PropShare was established in 2016 and allows users to buy commercial real estate assets.
Source: The Economic Times