SUMMARY
PropertyPistol said it will use the fresh capital to continue to invest in tech-oriented solutions, expand leadership team, and boost presence in new markets in India and abroad
The startup, founded in 2012, offers a range of proptech solutions and advisory services to home buyers, real estate brokers and developers
PropertyPistol has a presence across Indian cities including Bengaluru, Delhi-NCR, Hyderabad, Kochi, and Chennai, as well as in Dubai
Full-stack real estate brokerage and advisory startup PropertyPistol on Friday (May 5) said it has raised INR 45 Cr in its Series A funding round led by ICICI Bank and Baring Private Equity Partners India to fuel growth and expansion plans.
PropertyPistol said it will use the capital to continue to invest in innovative and tech-oriented solutions. Besides, the proptech startup also plans to utilise the fresh funds to expand its leadership team across business functions and boost its presence in newer markets in India and abroad.
In a statement, PropertyPistol said it has some ambitious growth plans for new product development and strengthening its core verticals – Syndicate Broker Platform and Project Mandates – in line with its strategic roadmap and business objectives.
Founded in 2012 by IIT alumni Ashish Narain Agarwal, who was later joined by Tushar Shrivastava as a cofounder, PropertyPistol offers a range of proptech solutions and advisory services to home buyers, real estate brokers and developers. Its platform comes with a range of property choices for homebuyers through an integrated ecommerce solution.
The startup claims to have sold over 20,000 homes, managed more than 5,000 projects, and reached about $2 Bn in transaction value across India and the Gulf Cooperation Council (GCC) region. PropertyPistol has a presence across Indian cities including Bengaluru, Delhi-NCR, Hyderabad, Kochi, and Chennai, as well as in Dubai.
“Association with ICICI Bank, one of the leading private sector lenders, will go a long way in deepening relationships with all stakeholders in the real estate ecosystem,” PropertyPistol founder and CEO Agarwal said.
The startup already has partnerships with the likes of Axis Bank, ICICI Bank, SBI, Bajaj Finserv, among others, to help the buyers on the platform with property financing options.
PropertyPistol competes with the likes of Delhi-NCR based proptech soonicorn Square Yards, unicorn NoBroker, and 99acres in the highly-competitive real estate market of the country.
“Given the current stage of the residential real estate cycle and the leadership’s articulated vision, Baring India’s investment will enable the next phase of PropertyPistol’s growth with an increased focus on marketplace technology and distribution,” said Varun Batra, partner at Baring Private Equity Partners India.
As per a December 2022 report, proptech startups accounted for over 6% of the total recognised startups in India. Globally, Indian proptech sector ranked fourth in terms of funding, having raised $89.1 Mn across 66 rounds.
As per the Indian Brand Equity Foundation (IBEF), the Indian real estate sector has the potential to exceed $1 Tn in value by 2030 and contribute about 13% to India’s gross domestic product (GDP) by 2025.
Earlier this year, Benglauru-based proptech startup Landeed bagged $8.3 Mn in a funding round led by Draper Associates, Y Combinator, and Bayhouse Capital. In December 2022, Blox raised $12 Mn in Series A funding.
