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HomeInsightFunding Alert Proptech startup Settlin raises $1 mn in Pre-Series A round

[Funding alert] Proptech startup Settlin raises $1 mn in Pre-Series A round

[Funding alert] Proptech startup Settlin raises $1 mn in Pre-Series A round

Proptech platform Settlin, operated by Linking Spaces Technologies Pvt. Ltd, has raised $1 million (around Rs 7.7 crore) in pre-Series A funding round from Powerhouse Ventures, with participation from Rajesh Sawhney-founded GSF Fund.

Other angle investors including Murugavel Janakiraman (Founder and CEO, Bharat Matrimony), Dinesh Agrawal (Founder and CEO, IndiaMART) and others, also invested in this funding round.

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The company plans to use the funds to expand operations in Bengaluru and strengthen its consumer-tech platform.

The Bengaluru-based Settlin was founded in 2016 by Ashish Srivastava and Sudhanshu B, Its platform maintains property profiles, physically inspects properties and manages entire transactions including legal verification, home loan and sale deeds.

The startup claims to have grown 4x in the last two quarters and is helping over 5,000 potential buyers conduct 1,200 property inspections monthly.

“The residential resale market is 3 times that of new sale, and holds the key to truly organize the entire Real Estate transactions industry, forever. This ever growing sector remains unorganised and complex to crack because of its multiple moving parts. As a result, Proptechs and organized brokers mainly focus on the low hanging fruits i.e. being a property classified or doing developer sales (channel sales). Bringing even an iota of change in an industry this big needed in-depth understanding, careful planning and elaborate execution. Thanks to our team and investors, Settlin is now bridging the gap between lakhs of homebuyers and individual re-sellers through its hyper-local gigified approach which is both standard and personal at the same time. We are re-defining property transactions in all the ways that millions of consumers have dreamt of, many companies before us have promised, but no one could execute”, said, Ashish Srivastava, Co founder & CEO, Settlin.

It has recently launched its platform’s app Settlin on Google Play Store.

The startup aims to execute 24,000 visits in Bengaluru in the coming 12 months, thereby selling over 800 properties worth Rs 600 crore.

Read also – [Funding alert] Fintech startup FinBox raises $15 mn in Series A round

Its strategy is to expand from Mumbai to 11 metro cities in the next 5 years, with Bangalore having 20% market share and 5% pan-India market.

“Home buying experience in India is extremely fragmented. The experience with the resale of homes is even more broken. Settlin’s digitization of the entire resale process, from curation to transaction, is rapidly changing the home buying and selling experience bringing end-to-end transparency and efficiency”, said, Kshitij Golwalkar, General Partner, Powerhouse Ventures.

About Settlin

They started in Jan 2016, with an aim to simplify the transactions in real-estate. they started with residential resale, because it was the hardest nut to crack.

They are passionate about technology and real estate. They want to link these two spaces. They are creating a platform for data, analytics and all related services, which would not only cater to the entire real estate, but also bring everyone together to enrich the professionalism and harmonize the markets.

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