Marquee investors pump $47 mn in PropShare

BENGALURU: Proptech start-up PropShare has raised $47 million (around Rs 367 crore) from investors including WestBridge Capital to ramp up hiring, strengthen technology and offer more asset classes for investments on its platform.

The Bengaluru-based PropShare, which was founded in 2016, is a technology-driven real estate investment platform that enables investors to purchase commercial real estate assets.

Co-founder-CEO Kunal Moktan said: “We have raised $47 million fund in our Series B round led by WestBridge Capital with participation from existing investors Pravega Ventures.” Property Share Online Platform Pvt Ltd or PropShare has raised $52 million since inception.

Moktan did not mention the valuation at which the company has raised funds. Asked about the utilisation of funds, he said:

“We will double our headcount. We will strengthen our technological capabilities. We also intend to open offices overseas.”

PropShare platform allows ordinary users access to institutional grade assets with 8-10 per cent rental yields and 17-20 per cent returns.

It takes responsibility for sourcing, due diligence, property management and sale on behalf of users.

The company has facilitated around Rs 1,000 crore of transactions on its platforms, he added.