PropTech Radar 31 July 2023,

FUNDING HIGHLIGHTS

Proptech startup Altre raises $1 mn from institutional investors

Proptech startup Altre has raised $1 mn in a pre series A round to grow technology, capability and teams across the country. Altre is a B2B fulfilment marketplace for commercial real estate. It is India's first digital brokerage platform servicing a Pan India footprint for enterprise clients.

Sheela Foam acquires Kurlon and furniture maker Furlenco

The investment of Furlenco would give Sheela Foam a very strong entry into the branded furniture market, and a much bigger market than its existing market.

Indian Generative AI-based SaaS startups doubled since 2021, raised $590 mn in funding

Amid the growing demand for Generative Artificial Intelligence (Generative AI) tools, like ChatGPT, a rapid growth of Indian GenAI-based SaaS.

MARKET MOVERS

Unpacking Settl’s FY23 financial numbers

Coliving operator Settl’s revenue from operations grew over 2.5X to Rs 16.33 crore during FY23 as compared to Rs 6.36 crore in FY22

Fractional ownership firm hBits' game plan for maiden fund as it eyes first close

Mumbai-based fractional real estate ownership platform hBits aims to mark the first close of its maiden alternative investment fund within three months.

Managed offices provider DevX sets up 1.80-lakh-sq-ft coworking center in Ahmedabad

DevX has set up a coworking center spread over 1.80 lakh sq ft on Sindhu Bhavan Road in Ahmedabad. This hub, the managed office space providers fourth facility in Ahmedabad, has over 3,000 seats and is the largest coworking space in Gujarat.

Housing finance firm Altum Credo’s revenue, profits grow 2X in FY23

Housing finance company Altum Credo’s revenue from operations scaled 102.4% to Rs 67.2 crore during the fiscal year ending March 2023.

Welspun One's second warehousing-focused fund raises Rs 1,000 cr in 4 months

With an advanced pipeline of land parcels in key warehousing micro markets such as Mumbai Metropolitan Region (MMR), Chennai, Bengaluru, and Lucknow already in place, the fund is positioned to add 10-12 million sq ft of new projects to its existing portfolio of the company.

INDUSTRY INSIGHT

Understanding the risks in AIFs and PMS investments

The liquidity risk in AIFs is so grave that even some venture capital funds have been unable to sell their investments due to the ongoing startup funding winter, according to financial market experts.

Hostel rent not exempt from GST, to attract 12% tax

Hostel rent paid by inhabitants does not qualify for exemption from goods and service tax (GST), as it is not a 'residential dwelling'.

Warehousing supply across 8 primary markets likely to grow 13-15% in FY24, says ICRA

The incremental absorption is estimated to remain at around 39 million sq ft, the level witnessed in 2022-23. Nearly 52% of the expected supply addition across these primary markets including Mumbai, National Capital Region, Pune, Chennai, Bengaluru, Kolkata, Hyderabad, and Ahmedabad will be in grade A category.

Sales of luxury homes in India rose 130% in January-June period

According to CBRE, the surge in demand for luxury homes was primarily driven by a growing preference for enhanced amenities and more spacious living

AURUM SPOTLIGHT

Aurum WiseX has over 50,000 users from 16 countries

Aurum WiseX is an independent unit of Aurum Proptech, dedicated to offering retail investors access to High-Yield Institutional Grade Investment Opportunities in the Real Estate. Aryaman Vir, CEO, Aurum WiseX tells Ashish Sinha about 'Lease Rental Discounting' and much more.