Proptech startup Property Pistol, a real estate advisory service, has raised Rs 45 crore from investors, including ICICI Bank and Baring Private Equity Partners, to expand its business.
Ashish Narain Agarwal, an IIT alumnus, launched the Mumbai-based PropertyPistol company in 2012. Tushar Shrivastava later joined as a co-founder. It provides a range of tech solutions and advisory services for home buyers, real estate agents, and developers.
The company has raised Rs 45 crore in Series A funding led by ICICI Bank and Baring Private Equity Partners India. ICICI Bank and Baring Private Equity Partners India endorsed the company’s Series A investment effort, which saw the company raise Rs 45 crore. It plans to use the funds to strengthen its position in emerging markets in India and overseas and to grow the leadership team across all business divisions.
“This fundraise will help expand the company’s operations into newer geographies and yield significant business growth and value in the future,” Ashish Narain Agarwal, Founder, and CEO, PropertyPistol, said.
The company will focus on new product development and strengthen core verticals, such as the syndicate broker platform and project mandates. PropertyPistol has developed a highly reliable and profitable firm through careful capital deployment, according to Varun Batra, Partner, Baring Private Equity Partners India. He added that with a stronger emphasis on marketplace technology and distribution, the investment will enable the company’s next expansion phase.
According to PropertyPistol, it helped with the sales of more than 20,000 homes, managed more than 5,000 projects, and reached transaction values of nearly USD 2 billion across India and the Gulf Cooperation Council (GCC).