Proptech Startup Crib Bags Funding To Streamline Finances For Landlords, Offer Discounts To Tenants

SUMMARY

Founded in 2022, the startup offers a digital platform that connects landlords and individuals looking for rental accommodations

At present, over 500 landlords managing up to 1 Lakh rental units are collecting an annual rental revenue of INR 900 Cr on Crib’s SaaS platform, says one of the cofounders

The Indian real estate market is expected to reach a size of $1 Tn by 2030, presenting a massive opportunity for proptech startups

Proptech startup Crib has bagged about $1.8 Mn in a Seed round co-led by We Founder Circle and Rebright Partners.

The round also saw participation from other investors like Paytm’s Vijay Shekhar Sharma, Cred’s Kunal Shah, Mamaearth’s Ghazal Alagh, Livspace’s Ramakant Sharma, Sandeep Aggarwal of Droom and ShopClues, BrightChamps’ Ravi Bhushan and Ankur Aggarwal of Dunzo, along with various angel syndicates and funds.

Founded in 2022 by Sunny Garg, Shaifali Jain and Archit Chauhan, the startup offers a digital platform that connects landlords and individuals looking for rental accommodations.

While the platform offers such individuals an opportunity to explore and book properties at discounted rates, it helps landlords to boost the reach of their properties and streamline rental payments, making it a go-to platform for both landlords and tenants.

Crib plans to use the funds to expand the reach of its product offerings to all major Indian cities. Commenting on the development, Jain said, “Within 12 months of launch, we have built a solid foundation across 10+ cities in India, including Bangalore, Hyderabad, Pune, Chennai, Ahmedabad & Delhi NCR. At present, over 500 landlords managing up to 1,00,000 rental units are collecting an annual rental revenue of INR 900 Cr on Crib’s SaaS platform.”

The Indian real estate market is expected to reach a size of $1 Tn by 2030, presenting a vast opportunity for proptech startups.

In May, proptech startup Zapkey Technologies bagged an undisclosed amount led by DSP Group Office with participation from existing investors Gruhas Proptech and DLF Family Office to fuel the startup’s growth and tech innovation.

In May, another proptech startup PropertyPistol raised INR 45 Cr in its Series A funding round led by ICICI Bank and Baring Private Equity Partners India. Another Bengaluru-based proptech startup Landeed started the year by raising $8.3 Mn to build a comprehensive property title search engine.

According to Inc42 Datalabs, the Indian proptech startups garnered approximately $2.3 Bn funding during the forecast period of January 2014- May 2023. Another study found that in 2021, proptech startups witnessed a funding infusion of $700 Mn.