Proptech firm Settlin, which is into brokerage for resale homes, has raised USD 1 million (about Rs 7.7 crore) from investors to expand presence in Bengaluru and digitisation of its operations further.
In a statement, the company said it has raised USD 1 million in a pre-series A round from Powerhouse Ventures, Rajesh Sawhney founded-GSF Fund, and angel investors Murugavel Janakiraman (Founder and CEO, Bharat Matrimony), Dinesh Agrawal (Founder and CEO, IndiaMART) and others.
Settlin provides end-to-end doorstep execution of residential property resale transactions. It maintains accurate property profiles, physically inspects properties, and manages the entire transaction, including legal verification, home loan and sale deed. The company has recently launched its app Settlin on the Google Play Store. Settlin said it “plans to use the new funds for expanding within Bengaluru, and fortifying their consumer-tech platform.”
It aims to execute 24,000 visits across Bengaluru in the coming 12 months leading to over 800 property sales worth Rs 600 crore, the statement said Ashish Srivastava, Co-Founder and CEO, Settlin, said, “The residential resale market is three times that of new sale, and holds the key to truly organise the entire real estate transactions industry, forever. This ever growing sector remains unorganised and complex to crack because of its multiple moving parts.”
Recently, Xanadu Realty Ltd, a realty tech business accelerator firm, has received strategic investment from HDFC Ltd and HDFC Life Insurance Co Ltd. In May, HDFC acquired 7.2 per cent stake in Loyalie IT Solutions Pvt Ltd (now Reloy) for Rs 1.1 crore. Reloy had in January raised Rs 5 crore from investors, including Inflection Point Ventures, to expand and grow its business. The proptech industry in India attracted over USD 551 million in 2020, surpassing investments of USD 549 million in 2019, according to Housing.com.