PropTech Radar 15th Mar 2024,
Your Fortnightly Insight into the world of PropTech
FUNDING HIGHLIGHTS
Proptech firm Bandhoo raises pre-Series A round led by VCats
PropTech firm Bandhoo has raised Rs 7.35 Cr. ($0.9 Mn.) in a pre-Series A funding round led by Venture Catalysts along with participation from Neeraj Aggarwal, Manish Gupta, S Srinivasan, Amit Khera, and Abhishek Kumar. Bandhoo is a construction technology and services company which offers multiple cloud-Saas and marketplace solutions that cater to the construction ecosystem like developers, builders, contractors, PMCs, material suppliers and construction workers.
Flexible workspace operators raise Rs 4,600 crore after Covid
Flexible workspace operators in India have raised Rs 4,600 Cr. post-Covid, compared to Rs 1,400 Cr. in the five years before the pandemic, as companies adopt hybrid work models. The market size for flexible office real estate is expected to grow to between 100 Mn. sq ft and 140 Mn. sq ft by 2030, from the current 55 Mn. sq ft.
MyGate announces ESOP buyback for over 50 employees
Community management app MyGate has announced employees stock buyback program for more than 50 employees. The buyback has come on the back of improved financial results for the Bengaluru-based company in the last and current fiscal year.
MARKET MOVERS
Magicbricks launches guide to new projects
Magicbricks has launched MagicHomes, an initiative spotlighting new projects in key cities. The launch comes amid a resurgence in the residential sector driven by rising demand and a 15% increase in property prices. MagicHomes serves as a comp
Property Share dives into warehousing sector, to raise investment in Flipkart-leased facility
Property Share plans to tie up warehousing assets in tier I and tier II cities, aiming for an AUM of over Rs 1,000 Cr.. It owns three warehousing assets in the UK and is raising capital against its first India warehousing asset in Jaipur, rented to Flipkart.
Coworking firm IWG looks to double India portfolio in 12-18 months
IWG plans to double its presence in India, targeting new cities, suburbs, and Tier 2 and Tier 3 cities. Demand for workspaces in southern cities has grown. Thirty per cent of commercial real estate will be flexible workspace by 2030.
YourOwnROOM Secures $6 Million Partnership Deals for 1,000 Residential Units in Bangalore
PropTech innovator YourOwnRoom has inked strategic partnerships worth $6 Mn. with two prominent developers, marking a significant leap in securing high-quality residential inventory in strategic micro-markets across Bangalore.
INDUSTRY INSIGHTS
From Settl. to Colive, co-living startups find room to double capacity
As demand picks up in the post-pandemic era, co-living startups are expanding their capacity to meet the requirements of customers, mostly working millennials looking for affordable living options with flexibility.
The recent decision by SEBI is expected to have a positive impact on the emerging fractional ownership of both residential and commercial assets, say experts
Realty fund flows into small town India boom
Capital flows in India's tier-II and tier-III cities doubled in 2023 to a record $1.3 billion, driven by robust real estate demand. Developers flocked to these cities for land acquisitions, and private equity interest is growing across sectors like e-commerce and startups.
