HDFC Capital Picks Up Minority Stake In Proptech Startup TruBoard

Private equity firm HDFC Capital has picked up 8.5% stake in Mumbai-based proptech startup TruBoard for an undisclosed amount. 

The firm has made the investment via its tech platform H@ART (Housing and Affordable Real Estate and Technology). 

The startup will look to leverage the fresh capital to fuel its expansion into international markets with a focus on residential, commercial real estate, warehouse and data centres.

HDFC Capital’s parent entity HDFC Bank intimated the bourses that it had initiated the stake acquisition on May 30, 2024. In its filings, the bank said that it had entered into a share subscription agreement for acquisition of 1,043 equity shares of TruBoard for INR 698.77 per equity share. This translates into an investment of INR 7.28 Lakh. 

“We are poised to accelerate our growth, innovate at a faster pace, and make a greater impact and will continue to strive for excellence and innovation,” TruBoard’s cofounder Vipul Thakore said in a statement. 

Founded in 2020 by Nandkumar Surti, Srickant Rajagopal and Thakore, the startup furnishes its consumers with multiple AI-driven platforms to provide insights for asset management of real estate projects.

It offers three platforms, TruGenie for asset management of under construction real estate projects, TruGreen for asset management of renewable energy projects, and TruCollect for collection management of retail loan portfolios. 

The proptech startup claims to have $1.8 Bn assets under management (AUM), 1 GW renewable energy assets, 700 kms of road assets, among other real estate assets under its management. 

“We believe that technology solutions will play a critical role in real estate development and asset management. Our investment in TruBoard is part of the H@ART initiative which has been set up to invest and partner in technology companies that bring efficiencies in the real estate ecosystem,” HDFC Capital’s managing director and CEO Vipul Roongta said. 

The development comes over two years after the real estate private equity arm of HDFC Group committed undisclosed investments in 15 proptech startups under its H@ART initiative. Besides its investment in TruBoard, HDFC Capital has backed Provident Housing,  Loyalie, HomeExchange and Monsoon CreditTech till now. 

The PE firm was set up HDFC back in 2016 and is the investment manager to four SEBI registered Category II Alternative Investment Funds (AIFs) with a combined net worth exceeding $3 Bn.