Realty-tech startup Propstack gets backing from top PE professionals
Commercial real estate intelligence provider Propstack Services Pvt. Ltd has received backing from a clutch of private equity and hedge fund professionals.
Propstack said in a statement that its new strategic investors include Kotak Investment Advisors managing director S Sriniwasan, KKR director Ashish Khandelia, Kotak Mahindra Bank’s president-consumer banking Shanti Ekambaram, and US-based Rohatyn Group’s managing director TS Sivashankar.
All the investments are being made in a personal capacity. The size of the investment was undisclosed.
Mumbai-based Propstack was founded in 2013 by Raja Seetharaman, Shubhankar Dongre and Sandeep Reddy. The five-year-old company provides corporates, funds, rating agencies, brokers, property owners and developers with information on commercial buildings.
Propstack’s business is based on an online subscription model, which provides building information, analytics, client stacking, availability/vacancy details, transaction details and trends.
“Data and technology are extremely critical to commercial real estate in particular and real estate in general,” said Sriniwasan.
The company had closed its Series A round of funding of $3 million in June 2015. The investment was led by DMG Information, a subsidiary of UK-based media house Daily Mail and General Trust, the publishers of British newspaper Daily Mail. Real Capital Analytics, which provides a suite of reports and tools to research commercial real estate, had also participated in the round.
Since that funding round, Propstack has built a commercial real estate tech and data platform across eight tier I and II cities.
In June last year, Propstack launched what it says it the largest developer loan database, which is being used by industry players to build their loan book. Last month, it soft launched PropMODI, a business-to-consumer (B2C) research and transactions data platform.
Propstack’s peer Reniso, an end-to-end property management startup, had raised an undisclosed amount of seed funding from a consortium of high net-worth individuals last November.