In a significant development, Spyre PropTech Venture Fund, supported by Venture Catalysts and Neovon, has introduced the initial stage of its groundbreaking Rs 400 crore PropTech sectoral fund. This venture, endorsed by CREDAI, the premier association of private real estate developers in India, marks a pioneering initiative to shape the future of proptech funding in the country.
The primary focus of the maiden fund is to facilitate substantial investments in over 30 Indian startups, particularly those in the early and growth stages. The funding will be distributed with ticket sizes ranging from Rs 2-8 crore for early-stage companies and Rs 15-40 crore for Series A and B rounds in the growth stage. The strategic investments aim to fortify innovative technology startups dedicated to propelling the real estate sector into a technologically advanced future.
Having secured an AIF Cat II license from SEBI, the fund also incorporates an additional green shoe option of Rs 400 crore. Spyre VC, a proptech fund with a dedicated focus on nurturing startups in the Indian landscape, aspires to be a strategic partner in fostering innovation across the real estate sector and its ancillaries.
Over the years, Spyre has been a steadfast supporter of various companies, including but not limited to OYO, Innov8, Planet Smart City, Rentmojo, Homeville, and more.
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By Proptechbuzz
By Ravi Kumar