[Funding alert] Proptech startup PropShare raises $47 mn in series B round

Proptech startup PropShare has raised $47 million in series B funding round from WestBridge Capital, with participation from existing investor Pravega Ventures.

The company plans to use the funds to grow its platform across geographic and real-estate asset classes by expanding distribution channels and investing in technology and people.

It will also focus on using technology to improve platform-user experiences for customers by increasing liquidity, adding more product lines and strengthening investor relations.

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The Bengaluru-based PropShare was founded in 2016 by Kunal Moktan and Hashim Khan, It allows retail investors access to institutional-grade assets with 8-10% in-place rental yields and 17-20% returns.

Its platform takes full responsibility for sourcing, due diligence, asset management and sales on behalf of the owner, management and exiting users of commercial real estate.

“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,” said, Hashim Khan, cofounder & chief technology officer (CTO), PropShare.

According to the company, it has so far facilitated assets worth Rs 1,000 crore on the platform.

And by partnering with Westbridge Capital, it plans to increase transaction assets on the platform by more than $1 billion by expanding into new geographies and asset types.

Currently, the company allows users to invest in Bengaluru, Mumbai, Chennai, Hyderabad, Pune and certain regions of the United Kingdom.

“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.

About PropShare

Real estate has historically been the asset class that has created the highest wealth for investors around the world. However, large capital investment, specialised investment knowledge, asset management capabilities and understanding of market cycles has restricted the asset class to institutional investors, ultra high net worth individuals, pension and sovereign funds.

 Property Share was founded by a team with deep experience in institutional real estate investing and technology with the aim to democratise real estate investing for ordinary investors by providing institutional quality analysis, asset management and liquidity at much lower investment thresholds.