NAREDCO Announced RealTech Fund Worth INR 50 Cr To Back Proptech Startups

SUMMARY

NAREDCO announced the fund during its annual event — 'The Real Estate Forum 2023’

This fund is aimed at meeting the current and future challenges faced by the real estate sector

Technology is going to play a major role in the healthy growth of the real estate sector going forward, NAREDCO’s president said

National Real Estate Development Council (NAREDCO) Maharashtra, an independent body for real estate developers, announced the launch of INR 50 Cr RealTech Fund on Thursday (September 7). The fund aims to support proptech startups.

NAREDCO announced the fund during its annual event — ‘The Real Estate Forum 2023’. The fund aims to support real estate startups that leverage technology and innovation for growth, reported Moneycontrol.

Commenting on the role of technology in real estate, NAREDCO’s president Sandeep Runwal said, “We believe that technology is going to play a major role in the healthy growth of the real estate sector going forward”. He added that this fund aims to meet the current and future challenges faced by the real estate sector.

Last year, yet another accelerator Gruhas ASPIRE announced its first cohort to support proptech startups. Under its maiden cohort, it selected seven startups. Back then, the Gruhas announced that under this cohort, it would offer mentorship on a range of topics such as market expansion, business model refinement, hiring, branding and marketing.

The Indian proptech market has seen a number of investments this year. The year 2023 began for the industry with Landeed bagging $8.3 Mn from Draper Associates, Y Combinator and Bayhouse Capital.

In May, Property Pistol raised INR 45 Cr in a Series A funding round led by ICICI Bank and Baring Private Equity Partners India. It said it will also deploy the funds to continue investing in innovative and tech-oriented solutions. Close on the heels, Proptech startup Zapkey Technologies bagged an undisclosed amount of funding led by the DSP Group Office with participation from existing investors Gruhas Proptech and DLF Family Office.

In June, another proptech startup, Crib, raised about $1.8 Mn in a Seed round co-led by We Founder Circle and Rebright Partners.

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