Venture Catalysts & CREDAI launches $100 Mn fund for Proptech startups

Funding

The Confederation of Real Estate Developers Associations of India (CREDAI) and startup incubator Venture Catalysts have teamed up to form a $100 million proptech fund.

The fund will invest in early-stage and growth-stage startups operating in various sub-sectors of the real estate industry, including residential, commercial, institutional and industrial, among others.

The fund will support the Centre’s ‘Make in India’ and ‘Techade’ initiatives. It aims to help proptech players bring more innovation to the real estate sector. It further aims to digitize India’s $300 billion real estate sector, as per the joint statement.

Under the fund, CREDAI will provide start-ups with access to its wide network base of over 13 thousand members working as developers, sellers, business partners and promoters in the real estate sector. In addition, it will offer to mentor and help with the digitization of selected startups.

Anuj Golecha, Co-founder of Venture Catalysts, said, “Real estate was one of the few sectors that saw the adoption of technology even before the pandemic. However, after COVID, there is a need for a dedicated fund to help drive growth in this sector.”

Boman Irani, the newly elected President of CREDAI, said, “We are witnessing a revolution as we have seen a 15,400% increase in the number of startups as it has grown from 471 in 2016 to 72,993 by June 2022. While there has been a remarkable increase in the number of startups, supporting the growth of these innovators to help drive growth is an integral sector and even the nation.”

Venture Catalysts has a lot of startups in its portfolio like OYO, Basic, Grexter, Sharenest and Home Capital.

The announcement of the fund’s launch comes at a time when India’s startup ecosystem is experiencing a slowdown in funding due to the Russia-Ukraine war, rising inflation and tightening monetary policy by central banks.

However, recently, a large number of funds have been launched to invest in domestic startups. Weave Capital’s $75 million fund, Rocketship. vc’s $125 million fund, and ARTPARK’s $100 million fund are some of the recently launched funds.

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