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Startups Under Brigade REAP Witness A Hike In Revenue

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Startups Under Brigade REAP Witness A Hike In Revenue

With the sole aim of enhancing the real estate industry with tech-based solutions, Brigade REAP has empowered startups which witnessed a hike in revenue

Brigade Enterprises which is a Bengaluru-based listed real estate company is currently developing about 18.74 million square feet across residential, office, retail and hotel segments. Brigade REAP is a real estate accelerator programme by Brigade Enterprises that aims to provide mentorship and training to startups to make them industry ready. The accelerator program was launched in October 2016 and is Asia’s first-ever startup accelerator. REAP is supported by Microsoft accelerator.

It has been found that startups under the Brigade REAP have been able to deliver an average hike of 111 percent in revenues. REAP primarily focusses on improving the real estate industry through technology. Nirupa Shankar, Executive Director at Brigade Enterprises said that they received over 1000 applications and spoke to more than 500 technology solutions for the real estate industry. The team however shortlisted only 25 disruptive startups.

60 percent of the startups that were shortlisted for the accelerator programme were assigned live projects to work on at Brigade. 40 percent of the projects, on the other hand, raised additional funds. The industry average for an accelerator programme is actually 10 percent. However, Brigade REAP has managed to deliver an average increase of 111 percent revenues for all the startups under its mentorship programme. Brigade Enterprises has equity in all the startups and has plans to mentor 100 more startups over a period of next five years.

For the fiscal year 2019-20, Brigade has plans to launch another 8.6 million square feet across various segments, including 2.7 million square feet in the affordable housing segment. Nirupa Shankar also added that Brigade Group has taken the initiative to create green commercial developments as well.

 

Source: The Hindu BusinessLine

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