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Real estate startup focused on landowners and builders, REstate, has raised an undisclosed amount in seed funding. It has raised the capital and advisory support from Idein Ventures, a UAE-based venture capital and private equity firm.
With this, the startup now has its presence in Bangalore and Hyderabad. Besides, Ashwin Srivastava of Idein Ventures will be responsible for advising and monitoring the strategies of the company.
REstate was founded a month ago by private equity investors Rajeshwar Prasad, Ashwin Srivastava and Mahesh Vellaboyina. Ashok Vardhan, former Vice President of SBI, is also a part of the top management of the company.
It is a tech-based land bank that uses data analysis and market research to decide the appropriate construction on a land, associated with it. The startup then finances mid sized builders, architects and designers to orchestrate the construction accordingly. It also uses its data and research to help create buyers for construction units prior to construction.
Presently, REstate has its offline team and is finalising projects worth multi-million USD in Bangalore. It soon plans to have a combined online and offline presence to execute its strategies.
Ashwin Srivastava, co-founder REstate, said, “We help provide Builders a national brand which they currently lack due to their local focus and presence, and we help Landowners get liquidity and fair value for their land. The timing is right for such an entity when UAE is moving aggressively in its investments in India.”
With the new funding, the startup is looking to hire talent from local and global markets.
In the realty sector, Idein Ventures has previously invested in BuildTraders, a building material trading company, and Infurnia, a furniture personalisation company.
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