Commercial real estate information business company Propstack Services has raised an undisclosed amount of funding from private equity and hedge fund professionals.
The funding round saw participation from S. Sriniwasan, MD of Kotak Investment Advisors, Ashish Khandelia, director of KKR, Shanti Ekambaram, president of consumer banking at Kotak Mahindra Bank, and TS Sivashankar, MD of US-based Rohatyn Group, in their personal capacity.
According to Raja Seetharaman, co-founder & director of Propstack, the fresh proceeds will help accelerate the adoption and development of its platform with the help of industry leaders.
Founded in 2013 by Seetharaman and Shubhankar Dongre, the Mumbai-based startup works on an online subscription model, conducts research on commercial buildings in India, enabling clients to analyse, interpret and gain insight on the availability of commercial properties, lease and sale transaction comparables and access market conditions.
It currently serves a wide variety of professionals working in corporates, funds, rating agencies, brokers, owners, developers, and vendors.
Propstack intends to launch more products that will help the consumer take home buying decisions efficiently based on accurate data and predictive analytics in the next six months.
In 2015, Propstack had raised $3 million in Series A round led by British media conglomerate Daily Mail & General Trust with the participation of Real Capital Analytics.
The startup launched the largest developer loan database, which is being used by industry players to build their loan book in June, last year. Last month, it also launched PropMODI, a business-to-consumer (B2C) research and transactions data platform.
According to India Brand Equity Foundation report, the real estate is the second largest employer after agriculture in the country and is slated to grow at 30 per cent over the next decade. The market is expected to touch $180 billion by 2020. The housing sector alone contributes 5-6 per cent to the country’s Gross Domestic Product (GDP).
In the period FY2008-2020, the market size of this sector is expected to increase at a Compound Annual Growth Rate (CAGR) of 11.2 per cent.