Property Share Online Platform (PropShare) has raised Series B funding of Rs 367 crore (US$ 47 million), with participation from previous investors Pravega Ventures. WestBridge Capital led the round of funding.
By extending distribution channels, investing in technology and people, and increasing distribution channels, the business will use the revenues to scale the platform across regions and real estate asset classes. By enhancing liquidity, introducing more product lines, and fortifying investor connections, it will also concentrate on enhancing the user experience on the platform.
Hashim Khan, co-founder & CTO, of the company said, “With c. Rs. 1,000 crores of assets facilitated on the platform, PropShare is the largest commercial property investment platform in India. By partnering with WestBridge Capital, we plan to grow to over $1 billion in transacted assets on the platform by expanding into newer geographies and property types, while keeping technology and our investors at the core of our offering.”
“Indian commercial real estate is an attractive USD 100 billion market with limited access to investors. We believe the product offers a compelling proposition for end customers with ~9% yield / annualized dividend, 4-6% annual appreciation and strong downside protection. PropShare has scaled to USD 125 million+ AUM with high capital efficiency and has already achieved profitability,” said Deepak Ramineedi, partner at WestBridge Capital.