Top News

Mumbai-based startup Propstack raises Rs 19 Cr in Series A led by DMG Information

Commercial real estate information, analytics and marketing startup Propstack has raised Rs 19 crore in Series A round led by strategic investor DMG Information, the investment subsidiary of British media conglomerate Daily Mail & General Trust.

Commercial real estate information, analytics and marketing startup Propstack has raised Rs 19 crore in Series A round led by strategic investor DMG Information, the investment subsidiary of British media conglomerate Daily Mail & General Trust.

According to a Economic Times report, the funding, the first for Propstack, will be used by the two year-old venture to expand its presence across the country as well as to launch its upcoming product, a listings and marketing platform for real estate brokers and developers. 

“We plan on entering seven new markets – Pune, Bengaluru, Delhi-NCR region, Kolkata, Hyderabad and Chennai, as well as diversifying our product portfolio,” Raja Seetharaman, co-founder of Propstack, told the Economic Times.

While the terms of the transaction were not disclosed, the investors, which also include New York-headquartered data and analytics company Real Capital Analytics, are believed to have picked up a stake of between 15%-25% in the startup. 

“Commercial real estate is the largest asset class after the residential sector. It is estimated to grow at between 14%-15% CAGR by 2020, which is quite phenomenal. With real estate investment trusts coming in as well, Propstack is well-placed to serve a rather underserved market,” Tej Kapoor, country head for DMG India, was quoted in the report as saying. 

Founded in 2013 by former Jones Lang LaSalle executive Seetharaman, Shubhankar Dongre and Sandeep Reddy, Propstack caters to corporate houses, funds, developers and ratings agencies, among others by providing research on India’s commercial real estate sector and data relating property values, market conditions and current availabilities.

“They have a priceless product, and an increasing number of customers are now willing to pay for solid, reliable research,” Kapoor was quoted in the report as saying. The investment has been structured through DMG Information Asia Pacific. 

DMG India, which started investing actively in the country in 2013, counts companies such as digital education venture iProf, digital advertising and technology event planning company ad:tech and weather forecasting startup Skymet in its India portfolio. 

“Our series A sweet spot is about $5 million, but we will write cheques of up to $100 million, depending on the opportunity. We aren’t going to restrict ourselves,” Kapoor added in the report.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close