Building India’s first, fastest and only national title search engine - Landeed - today announced that it has bagged INR 19.5 crores (USD $2.5 million) in pre-seed funding round. The round was led by Justin Hamilton (CEO, Clutterbot) Goodwater Capital, Olive Tree, Kunal Shah (CRED), Manmohan Chandolu, Chris Maurice (Yellow Card), Christian Kaczmarczyk (Third Prime VC) and AVCF Fund and 9 Y Combinator alum. The Bangalore-based company plans to use the funds to expedite product development as well as build a comprehensive and standardized property documentation retrieval system.
In India, unlike in other countries, land ownership has largely been under the “presumptive ownership” model, wherein the buyer of the property must conduct due diligence without a single title document. This scenario has led to delayed transactions of up to two months. Landeed’s software helps individuals reduce this hassle by more than 10x and in addition to this, the company plans to issue title insurance down the line.
Commenting on the announcement, the founders in a joint statement said, “Title insurance alone is a nearly $25b market in the US and has recently been introduced in India. We believe there a lot larger segments to tap in India beyond title insurance and in the coming months, we are planning to enable property title embedment on the blockchain.”
Speaking on the investment, Manmohan Chandolu, an early investor at Landeed, said – “Landeed is solving a very difficult and serious problem that no other company tried to solve. The large problem statement coupled with the marvellous team made me confident that Landeed was indeed a worthy investment.”
Founded in 2022, Landeed is enabling owners, agents, developers, and legal advisors check real estate records for building, lending, and transacting property. In a country, where 67% of all court cases deal with land-related disputes, Landeed is simplifying property due diligence for all parties to engage, communicate and close deals.
“Been really impressed with the Landeed team and their ability to iterate fast and execute quickly on product development. They're going to become a critical piece to ensuring smooth real estate transactions in India and over time more emerging markets. On top of that, their ability to leverage web3 technology will only make the solution more permanent and transparent,” added Christian Kaczmarczyk, Principal at Third Prime.