Proptech Startup Zapkey Bags Funding For Growth

SUMMARY

The amount of funding has not been disclosed by Zapkey

Earlier, in 2022, the startup raised $2 Mn

Zapkey claims to have attracted more than 8000 home sellers with a local brokers’ network of 2500 heads

Proptech startup Zapkey Technologies has bagged an undisclosed amount of funding led by DSP Group Office with participation from existing investors Gruhas Proptech and DLF Family Office.

The investment will be leveraged to fuel the startup’s growth and tech innovation. Founded in 2020, by Shubhankar Dongre, Sandeep Reddy and Raja Seetharaman, Zapkey offers easy and affordable ways to buy and sell homes. Last year the startup raised $2 Mn from Gruhas Proptech.

“We couldn’t be more excited to have DSP join our cap table. Easily one of the most powerful names in Indian finance, their access and support is only going to help compound our growth as we open new markets”, said Shubhankar.

Zapkey claimed to have attracted more than 8,000 home sellers to its platform and has a local brokers’ network of 2,500.

Commenting on the investment, Shuchi Kothari of DSP said, “The pedigree of the founders of Zapkey gave us maximum confidence to invest. Add to that the size of the total addressable market and the product market fit they have achieved over the past year checked all our boxes.”

In a blog, Zapkey mentioned that it uses real time data and market trends to decide on the valuation of a property, a proposition that makes the startup trustworthy among its consumers.

Recently, proptech startup PropertyPistol has raised INR 45 Cr in its Series A funding round led by ICICI Bank and Baring Private Equity Partners India with an aim to expand.

According to the India Real Estate Industry report of Indian Brand Equity Foundation (IBEF), the market is expected to grow to $ 9.30 Bn by 2040 from $ 1.72 Bn in 2019.

Another report by the IMARC Group reveals that the Indian real estate market size reached $256.8 Bn in 2022. Looking forward, IMARC Group expects the market to reach $780.6 Bn by 2028, exhibiting a growth rate (CAGR) of 9.2% during 2023-2028.

Nuclear families, aspirational needs including relocation for jobs, higher studies etc are some contributing factors to the growth of the market.

Recently, Google backed proptech startup NoBroker has announced that it is going to launch a platform on Center’s ONDC, to become the first proptech platform to join the ONDC network. In March, the startup raised $5 Mn in an extended Series E funding round from Google.

Earlier this year, another proptech startup Landeed raised $8.3 Mn in a funding round led by Draper Associates, Y Combinator and Bayhouse Capital.