Karan Virwani, Kunal Shah and 4 other startup CEOs invest in a real estate venture
WeWork India’s CEO Karan Virwani, CRED’s Kunal Shah, Mamaearth’s Varun Alagh, Droom’s Sandeep Agarwal and OfBusiness’ Nitin Jain participated in the round. PropReturnswas founded in 2020 by BITS Pilani graduates Kenish Shah, Jayant Panwar, and Somil Mathur.
- PropReturns plans to expand its footprint to Pune, Hyderabad and Bengaluru, from Mumbai and Delhi NCR.
AdvertisementSome of India’s biggest entrepreneurs like WeWork India’s CEO Karan Virwani, CRED’s Kunal Shah, Mamaearth’s Varun Alagh, Droom’s Sandeep Agarwal and OfBusiness’ Nitin Jain have invested an undisclosed amount in real estate investment platform PropReturns.
Gokul Rajaram, a board member of CoinBase and Pinterest, also participated in this round.
PropReturns was founded in 2020 by BITS Pilani graduates Kenish Shah, Jayant Panwar and Somil Mathur. The company lists rent generating-commercial properties, plots, distressed opportunities, real estate investment trusts (REITS) and real estate debt.
“At PropReturns, we solve this by providing investors access to curated supply and market trends of the property, allowing them to make an investment decision backed by data. Being a marketplace, users can invest in different asset classes based on their investment philosophy: commercial, plots, REITs, real estate debt etc," said Kenish Shah, co-founder at PropReturns.
It plans to utilize the funding to scale rapidly by adding more asset classes. The investment platform will also be looking at increasing the investor base and partnering with more channel partners, real estate brokers, developers and property owners.
PropReturns plans to expand its footprint to Pune, Hyderabad and Bengaluru, from Mumbai and Delhi NCR. It also aims to expand its technology team to provide deeper analytics and market trends.
"In just one year of operation, PropReturns has conducted transactions worth more than Rs 100 crore through the platform. Our execution and vision for PropReturns has helped us onboard leading angel investors, founders and real estate veterans in this strategic round, all of whom align with our business,” Jayant Panwar, co-founder at PropReturns, said.
The company raised $1.2 million in funding to date from Y Combinator, Soma Capital and Goodwater Capital in December 2021.
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