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Spyre PropTech launches Rs 400-Cr fund with Venture Catalysts and Neovon backing

Spyre PropTech Venture Fund, backed by Venture Catalysts and Neovon, is gearing up for the initial stage of its Rs 400-crore proptech fund. 

The maiden fund will support more than 30 companies in their early and growth stages, with initial investments ranging from Rs 2 crore to Rs 8 crore and later-stage Series A and B rounds receiving Rs 15 crore to Rs 40 crore. The fund is equipped with an alternative investment fund II license, along with an additional green-shoe option of Rs 400 crore.

Venture Catalysts, a multi-stage venture capital firm, is set to be Spyre’s seed investor and co-sponsor. CREDAI, the apex body of private real estate developers in India, is providing support to the fund.

“To be a part of the next tech disruption, it is imperative to promptly participate in the evolutionary process. The ambit of technological advancements in the real estate sector is vast, and we are excited to witness Spyre PropTech’s emergence as the leader in this respect. We look forward to working with proptech startups, making it a win-win for all,” said Boman Irani, President CREDAI and MD of Rustomjee Group.

Spyre PropTech Venture Fund, anchored and co-founded by Neovon, a consortium of real estate developers, has pledged 20% of the fund size as an anchor.

“As a consortium of developers, we truly believe that the only way to find success is to build a win-win situation for proptech startups and the industry as whole. Backed by the industry, this fund will have the perfect edge, leading to empowerment, innovation, and unprecedented growth,” said Neovon Co-founder, Binitha Dalal.

Spyre’s management team comprises Murali Krishna as the principal and Abhimanyu Bisht as the operating partner.

Krishna, a postgraduate from UCLA, brings over 15 years of investment management experience, having established and led the Kolte Patil family office and Ronnie Screwvala’s Unilazer Ventures. Bisht, an MBA from ISB, previously served as the CEO at Venture Catalysts, leading over 250 investments in more than 100 startups.

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