Mumbai based real estate intelligence provider Propstack Services Pvt Ltd has received funding in a latest round from high profile private equity and hedge fund professionals.
The investments are reportedly made in a personal capacity, however, the amount of funding was not disclosed. The funding will be utilized to accelerate the adoption and development of Propstack platform with the help of industry experts.
The investor board of Propstack now includes S Sriniwasan, MD of Kotak Investment Advisors, Shanti Ekambaram, president-consumer banking Kotak Mahindra Bank’s, Ashish Khandelia, KKR Director, and US-based Rohatyn Group’s managing director TS Sivashankar.
Founded back in 2013, by Raja Seetharaman, Shubhankar Dongre and Sandeep Reddy, the startup provides information on commercial buildings to corporate, rating agencies, brokers, property owners and other interested people.
Propstack is working to bring technology in the rather unorganized sector of real estate, and aims at “digitisation of property records” and bring more “transparency in property sector”.
Last year, Propstack along with MIT created India’s maiden office realty rent indices for top six cities.
Propstack had earlier raised a funding of $3 million in a Series A round in June, 2015, and til then it has built a Commercial Real Estate (CRE) tech and data platform across 8 cities. It had also launched a largest developer loan database, which is now used by industry players to build their loan book.
Propstack is based on an online subscription model that provides a diverse range of information catering to all commercial real estate research requirements.