Commercial real estate investment platform PropShare has raised $47 million in equity at a valuation of roughly $170 million in its Series B round led by WestBridge Capital, the company told FE. Existing investor Pravega Ventures participated in the round too. The company will use these funds to expand its distribution channels, invest in technology and people, add new product lines and strengthen investor relations.
Bengaluru-based PropShare allows “ordinary users access to institutional grade assets with 8-10% in-place rental yields and 17-20% returns”. It assumes complete responsibility of sourcing, due diligence, property management and sale on behalf of users trying to make commercial real estate-related transactions simple and transparent.
“PropShare’s aim is to become the single largest platform for real estate investments globally. Raising capital in what has been a challenging time for tech companies globally is also testament to the quality of what we have built at PropShare and its continued appeal to investors seeking alternatives to traditional investment asset classes,” said Kunal Moktan, co-founder and CEO, PropShare.
Commenting on the the prop-tech startup’s expansion plans, Hashim Khan, co-founder and chief technology officer, PropShare, said, “By partnering with WestBridge Capital, we plan to grow to over $1 billion in transacted assets on the platform by expanding into newer geographies and property types, while keeping technology and our investors at the core of our offering.”