Gurugram-based proptech startup Zvesta, on Wednesday (February 19), announced that it has raised $5.5 Mn from media company Hindustan Media Ventures.
With the recently raised funding, the company is planning to invest in brand building and collaborative marketing of real estate properties across the country. Zvesta also wants to focus on building pan-India partnerships with real estate builders and brokers.
Founded by Rajan Dang and Anushree Srivastava in 2015, Zvesta is an online platform where users can search and buy properties listed by developers and brokers. Once buyers shortlist properties, Zvesta arranges a site-visit for them as well to verify the locations.
Zvesta also provides users with documentation services and facilitates easy financing or loan options as well, with value-adds such as notifications for EMI reminders and more.
It also offers Zvesta Pro suite, a cloud-based SaaS product, which helps real estate developers and brokers to list and manage their inventories. With the use of technology, Zvesta aims to bring transparency in inventories of real estate businesses.
In real estate there is a deficit of trust among brokers, buyers, and developers and Zvesta is looking to build legitimacy in real estate transactions, Dang said.
In India, proptech is reshaping the real estate sector at a time when the industry is going through a slowdown phase. The most visible shifts so far have been in residential real estate, where startups have built platforms to ease home buying and renting.
According to a KPMG study, India’s real estate sector is expected to reach $1 Tn by 2030, up from the $120 Bn in 2017. By 2025, Indian real estate will contribute 13% to the country’s GDP.
With the opportunities growing, investors have become bullish on proptech startups. Another report estimates that proptech startups received $242 Mn in between FY16 to FY18. In India, early adopters of technology for selling properties online included Magic Bricks, 99 Acres, Housing and CommonFloor. Among the new entrants in this space which have already gained traction of investors include Square Yards, YourOwnRoom, NoBroker, among others.