Mumbai based Propstack, an online commercial real estate information, analytics and marketing startup, has raised $3 million in series A round of funding. The investment was led by DMG Information, the investment subsidiary of British media conglomerate Daily Mail & General Trust, in participation with Real Capital Analytics.
With this new round of funding, the company plans to expand its presence across country as well as to launch its upcoming product, a listings and marketing platform for real estate brokers and developers. It is looking to enter in seven new markets – Delhi/NCR, Pune, Bengaluru, Hyderabad, Kolkata, Chennai, as well as diversifying its product portfolio.
“We handle any and every piece of information related to the real estate industry, and make it transparent and interesting,” said Propstack co-founder Raja Seetharaman in an overview with TechCrunch.
For example, the Propstack database can be used to search for real estate for new office moves or expansions, its history of transactions can be used to help make investment decisions. It also offers a qualitative-quantitative model for companies seeking new real estate. Propstack counts Blackstone, RBS and BNP Paribas among its client roster.
“There was turmoil in the Indian real estate market when [the founders] first came together to discuss new ideas and opportunities,” Seetharaman said of its founding in 2013. “So we tried to find opportunities and began talking about gaps in the business.”
Seetharaman said the new money will be used to increase Propstack’s coverage of India. Right now, the company has relationships with partners that give it access to real estate data from across the country, but the company will expand and establish local offices in an initial seven cities to collect even more data.
The investment terms are still not clear, however DMG picked up a stack of between 15-25% in the firm. Started in 2013, as a venture of former Jones Lang LaSalle executive Seetharaman, Shubhankar Dongre and Sandeep Reddy, Propstack serves to corporate, funds, rating agencies, brokers, owners and developers, vendors by providing all commercial real estate research requirements.
DMG India also includes eLearning company iProf, weather forecasting startup Skymet, and digital advertising and technology event planning firm Ad:tech in its Indian Portfolio.
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