Gurugram-based asset management firm MPowered has raised $21 Mn in Pre-Series A funding round led by serial entrepreneurs and real estate giants Ashok Nichani and Shelly Nichani with participation from a group of US-based high networth individuals (HNIs).
MPowered is looking to use this funding to take on new verticals of real estate such as warehousing, residential and commercial spaces. A portion of the funding amount will also be used to develop tech-solutions that will enable ease-of-use in day-to-day real estate transactions and management.
Sudeep Singh, cofounder and CEO of MPowered said, “This fundraise will be a great head-start to MPowered’s journey as India’s most futuristic asset-management firm that converges deep-rooted understanding of Indian real estate and thorough knowledge of global real estate concepts from countries including USA, Canada, Germany, Poland and the UK among others.”
Meanwhile, cofounder Bhavna Juneja added that the company aims to power real estate by integrating technology at every step of the way.
Founded by Singh, MPowered is an asset management solution which helps property owners convert their real-estate liabilities into profit generating ventures for a long term use. The company converts unutilised real estate into A-grade facilities by investing in them and implementing its various models on the properties as per the fitment in terms of size, location, infrastructure, among other things. US-based serial entrepreneur and investor Juneja had joined MPowered as a cofounder last month.
According to an IBEF report, the real estate sector in India is expected to reach a market size of $1 Tn by 2030 from $ 120 Bn in 2017, and contribute 13% to the country’s GDP by 2025. Some startups in this segment are HomeInspeKtor, NestAway, NoBroker, PropTiger Realty and more. Retail, hospitality, and commercial real estate are also growing significantly, providing the much-needed infrastructure for India’s growing needs, the report added.
Previously, Nithin Chandra, CPO of NestAway in a blog for Inc42, wrote “The increase in internet penetration has provided a great platform for property firms to reach their customer base. Technology platforms in the form of mobile apps or websites are not only providing ease of finding a house but are also going beyond just selling or renting properties to newer avenues in servicing like maintenance and cleaning.”