SUMMARY
The funding comes five months after the proptech startup raised $2.5 Mn in its Pre-Seed funding round
The startup also plans to invest in building for the maximum number of users to reach product-market fit
Landeed plans to hire ten more software developers to help it become an IaaS provider for all real estate transactions
Benglauru-based proptech startup Landeed has raised $8.3 Mn in a round of funding led by Draper Associates, Y Combinator and Bayhouse Capital.
Landeed aims to build a comprehensive property title search engine with the incoming funding, along with hiring personnel and strengthening the technological infrastructure.
The startup also plans to invest in building for the maximum number of users to reach product-market fit. Further, it plans to hire ten more software developers to help it become an IaaS (Infrastructure-as-a-Service) provider for all real estate transactions.
“As India’s real estate market is expected to reach a size of $1 Tn by 2030, this funding presents the startup with a huge opportunity in the proptech market,” the startup said in a statement.
The funding comes five months after the proptech startup raised $2.5 Mn in its Pre-Seed funding round from Y Combinator and others.
Founded in 2022 by ZJ Lin, Sanjay Mandava and Jonathan Richards, Landeed is trying to simplify property due diligence for all parties to engage, communicate and close deals. Over 100K property owners and agents have already used Landeed to buy, sell, and build real estate, claims the startup.
Landeed’s mobile app allows owners, agents, developers and legal advisors to check real estate records for building, lending and transacting properties. Landeed also plans to launch a desktop property diligence and transaction platform to assist enterprises with multiple stakeholders.
The startup is also looking to introduce title insurance down the line. For the uninitiated, title insurance protects lenders and homebuyers from any financial loss due to defects in a property title.
Sanjay Mandava, CEO and cofounder of Landeed, said on the development, “Landeed weaves together multiple government departments across various states producing a ‘plaid-like’ property summary data.”
Mandava noted that via an application, a user can verify a property transaction ledger going back 20 years in two seconds. The cofounder explained that Landeed has built a standardised interface to simplify the multiple search methods used across states.
Speaking with Inc42, Mandava said, “The only thing that matters is building something users want and by extension product-market fit. We raise to build. We’re not building to raise.”
The startup competes with the likes of NoBroker and PropTiger, who largely work as tech platforms enabling online property rentals, buying, documentation and others. On the other hand, Landeed is looking at a niche but an untapped market of verification of documents and title rights.
