Online real estate enabler segment coming up, Mumbai-based Propstack raises $3M Series A
DMG Information Asia Pacific, a subsidiary of DMGT has made a strategic investment of $3 million of Series A funding in Propstack in participation with Real Capital Analytics. This is its first investment into the Indian data and technology business for commercial real estate ad. The company aims to increase its business stake in India over the next few years. The funds raised will be used to expand Propstack's services to other cities of India and launch additional products and strengthen the team.
Only a week ago, real estate portal Housing.com acquired Realty Business Intelligence for an estimated USD 2-4 million deal (Rs 12-24 crore). The startup tracks real estate trends and creates collateral risk management tools through the use of technology.
What is Propstack?
Founded in 2013, Propstack is a commercial real estate information business based in Mumbai. The company conducts extensive, on-going research on commercial buildings in India enabling clients to analyse, interpret and gain insight on commercial property availabilities, lease and sale transaction comparables and access the market conditions. It currently serves a wide variety of professionals working in corporates, funds, rating agencies, brokers, owners, developers and vendors in Mumbai and will soon expand its services to the commercial real estate hubs of Pune, Bengaluru, Chennai, Delhi-NCR, Hyderabad and Kolkata.
Propstack is based on an online subscription model that provides a diverse range of information catering to all commercial real estate research requirements. This includes detailed building information, analytics, client stacking, availability/vacancy details, transaction details and trends.
DMGI - the new investor in town
DMG information (DMGI) comprises a portfolio of B2B, high growth, innovative, must-have information media businesses in the property, education, energy, commodity and structured finance sectors, primarily in the US and Europe, but expanding globally. According to Tej Kapoor, Country Head of DMG Information, most corporates, developers, landlords and HNIs have become technology savvy and ‘global’ in their outlook. He believes that this shift will create an increased demand for technology in commercial real estate, which in turn will boost the demand for all types of information, including trends and analytics. He says,
With our knowledge of the commercial real estate markets and the similarity of Propstack's services to those provided by other DMG Information companies, we believe we can bring considerable value to the business and this is what makes Propstack a valuable proposition.