The wave of the tech innovation is touted to transform the real estate industry of India. In its infancy, digital platforms were mainly used for searching and hunting properties. However, the evolutionary implications of the PropTech sector extend way beyond online brokerage platforms. With cutting-edge technologies such as Augmented Reality, Geotagging, Smart buildings, Big data mining, 3D printing and Cryptocurrency, PropTech ventures are now equipped with the technical competence to enable energy consumption monitoring, creating and simulating interior designs, smart solutions for services such as parking, waste management and transportation. In India, following are the top 10 startups breaking the rigid real estate practices and shaping the new phase of PropTech:
Foyr – Based out of Hyderabad, this startup uses Virtual Reality and 3-D Visualization to uplift the home decor experience. The algorithm it uses enables heavy virtual worlds to be recreated and run seamlessly on all devices including low-powered mobile devices. Recently, Foyr’s CEO Shailesh Goswami announced that the company received $2 mn from SRI capital to fund its expansion plans, which raises the total funding to $6.5 million since its inception in 2015.
RealtyX – Launched by Insomniacs, a leading digital marketing agency, RealtyX is a product aimed at consolidating the referral system in real estate. With the implementation of RERA in May 2017, developers were prohibited from operating their own referral programs and compels every referee to be a RERA-registered agent. RealtyX addresses this barrier and serves as a one-stop solution for real estate developers, providing four unique features – the Referral System, the Society Management System, the Online Directory, and the Real-Time Notifications. Being one-of-a-kind, this product is set to change the landscape of the Indian real estate market by harnessing technology.
Smartvizx – With a unique blend of game technology and design, this virtual reality startup aims at disrupting the way consumers search, buy and make purchase decisions. As the world is heading towards more engaging content, Smartvizx is helping businesses create immersive experiences for their end users. For instance, one can view how a room would look like in the forenoon, afternoon and in the evening sun using their tool. Smartvizx’s prowess in the field of virtualization and their vision to enable VR-supported process and decision making in business sets them apart from other startups. Founded in 2015, they have aggregated a total of $2 mn in funding so far.
Cowrks – One of the pioneers of the Indian co-working industry, Cowrks, offers trendy offices to start-ups, freelancers, and enterprises to move away from the hassles of maintaining a workplace. They currently have four offerings – Virtual Office, Private Space, Flexible Desks, and Dedicated Desks that are equipped with technologies such as facial recognition, and behavioural pattern and social interaction analyses to collect data insights. While most coworking spaces are filled up by freelancers and startups, Cowrks boasts a 50% membership with large enterprises like Alibaba, Boeing and Standard Chartered, indicating a shift in property investment by large enterprises because of lower maintenance costs and increased productivity.
Ghar360 – Launched in 2013, Ghar360 is a cloud-based 3D Augmented Reality platform that enables users to design and visualize their potential future home. Their aim is to reinvent the interior shopping experience, by integrating real products into the virtual platform. They currently have ties with vendors across 80+ categories that sell home products both offline as well as online. Ghar360 received a seed funding of Rs. 10 Lakhs from Times Internet Limited, and are also a portfolio company of NASSCOM 10,000 startups. In a message to the entrepreneurs of the future, Ajesh Joy, one of the co-founders, renders his advice to identify a real-life problem and create a solution that can make a huge impact in the lives of your prospective customers.
Sell.Do – Sell.Do is an in-house product of Amura Marketing Technologies that offers a sales and marketing automation platform for real estate. It provides a complete end-to-end solution, embracing the entire customer journey, right from the first ad impression to purchase can be tracked. It ensures a 100% lead capture and an effective lead segmentation & nurturing. Sell.Do is currently used by more than 200 real estate developers across India to manage their marketing and sales activities.
Livspace – Launched in 2015, Livspace is one of the key players currently experimenting with Artificial Intelligence for interior designing in India. They are driven by an objective to leverage technologies such as Virtual Reality and 3D rendering to match up to customer expectations and deliver a fulfilling design experience. Founded by Anuj Shrivastava and Ramakant Sharma, Livspace is backed by some of the top international investors such as Helion Ventures, Bessemer Venture Partners and Jungle Ventures and is currently looking to foray into the Hyderabad market.
Buildsupply – Recognized as India’s most advanced ERP system for real estate, BuildSupply was founded in 2011. Founded by a former executive of Credit Suisse Real Estate, Sameer Nayar, the company is currently funded by GREE ventures, a Singapore-based venture capital fund. Their product aims to provide standardization, efficiency and transparency to help companies implement cost and time effective projects, eliminating the chances of prospective leakages in the process. RERA and GST frameworks further enhance BuildSupply’s capacity solution to solve the key challenges of the real estate industry.
Furlenco – Founded by Ajith Karimpana in 2012, the former Vice-President at Gold, this Bengaluru-based startup is working towards redefining the furniture rental space in India. With in-house experts on the design forefront leading their creative wing, they aim to be the Netflix for furniture. The company has been successful at raising a total of $23.6 million so far. With their value proposition of “no commitments”, they target the young population moving in metro cities who are looking to thrive avant-garde living spaces. However, they are not keen on investing in them on a long-term basis.
Square Yards – Founded in 2013, this Gurugram-based startup has emerged as a key real estate investment advisory player in India. They source mandates from Indian and international developers and sell properties through various online and offline channels. They mainly target the Non-Resident Indian (NRI) markets such as Singapore, Dubai, Hong Kong, Australia and West Asia besides India. In 2018, they reported a 70% rise in their net revenue, further growing it to USD 23 million for the last fiscal, attributable to the higher transactions closed in real estate and home loan businesses.
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