Nikhil Kamath-Backed Gruhas Proptech Plans To Launch $150 Mn Fund In Q1 2022

Proptech focussed investor Gruhas Proptech plans to roll out a $150 Mn fund in the first quarter of 2022 that will invest in incubators and startups.

A PTI report quoting Gruhas Proptech promoter Abhijeet Pai said that the startup is currently in talks with global investors for the same.

The proptech focussed investment firm exploring opportunities in the Middle-East and African countries, Pai told PTI.

“Because of the immense success of the current portfolio, and razor sharp focus on disruptive prop focus, Gruhas has strategic interest from large global firms for launching a proptech fund of $150 Mn in the first quarter of 2022,” he said.

So far, Gruhas has invested in eight startups across fractional ownership, green materials, debt, new age tech, low-cost housing, mapping among other realty and proptech initiatives.

Last month Gruhas Proptech partnered with Lumos Alternate Investment Advisors (Lumos) for a joint venture which is in the process of raising INR 500 Cr for a real estate fund focused on structured debt, last-mile funding, and opportunist equity in real estate projects across major India cities.

The proptech focussed venture capital firm is backed by Abhijeet Pai of Puzzolana Group and Nikhil Kamath, the founder of Zerodha.

Growing Proptech Space

Proptech refers to the application of digital technologies in the real estate industry. The pandemic has further added to the demand and adoption of proptech services.

Recently, Aurum PropTech announced that it will acquire a majority stake in B2B SaaS startup TheHouseMonk with an investment of $5 Mn. The startup operates in rental real estate.

Last month Bengaluru-based real estate platform NoBroker became India’s first proptech unicron as it raised $210 Mn in its Series E round taking its total fundraising tally to $361 Mn. Led by existing investors General Atlantic and Tiger Global Management, the round also saw participation from US-based Moore Strategic Ventures.

Another proptech startup, Gurugram-based Square Yards is planning to go public and raise INR 1,500 Cr through an initial public offering (IPO) including both fresh issue of shares and an offer for sale (OFS).

The startup is expected to file its draft red herring prospectus (DRHP) with the market regulator SEBI within the next two months, said people in the know of the developments.