A Gurugram-based proptech startup, has raised Rs 1 crore by way of compulsory convertible debentures, as part of a larger Rs 2-2.5 crore round.
The fresh capital will be used to grow Propdial’s local business and expansion across India. The company, which helps people manage property remotely, had raised seed funding earlier this year. A larger funding round is planned for January-March 2022.
“The funds raised from this round will be largely used for people and products as we want to improve our product features while adding more resources in sales and operation functions,” Propdial’s co-founder and CEO "Vinay Prajapati” said, “We are very much on our target of 5X revenue growth this fiscal and that will set the new base for bigger jumps in coming years, as the market we are addressing is huge and largely untapped.”
Propdial pivoted to property management in 2017 to help property owners manage real estate remotely in India. Within a short span of time, it has expanded operations to eight states and 20 cities. Its existing customer base spans 45-plus countries.
“As we see a very high demand for property management service, lately we have kicked off our operation in Chennai in addition to adding Tier-II cities,” Propdial’s co-founder and COO Gopal Mishra said, “our customer base is expanding fast while partnerships with ecosystem players are giving further boost.”