The online real estate investment platform will use the funding to expand operations.Suma Ramachandran
Online real estate investment platform Property Share, which allows shared ownership of property, has raised close to $2 million in Series A funding round led by Lightspeed Venture Partners. Beenext Singapore, Pravaga Ventures Trust, and a clutch of other investors also participated in the round, according to filings with the Registrar of Companies.
The company, founded by IIM Ahmedabad alumni Kunal Moktan and Hashim Khan in 2015, had raised seed funding from Asuka Asset Management in 2017. Kunal has earlier worked with The Blackstone Group while Hashim was the head of IT of a large Middle Eastern conglomerate with multi-billion dollar businesses spanning retail, trading and real estate.
The latest round of funding will reportedly be used to expand operations. According to the filings with the RoC, Vaibhav Agarwal, Partner at Lightspeed Ventures, has joined the Board of Directors at Property Share.
(A query sent to Lightspeed Ventures remained unanswered at the time of publication. We will update this story as and when we receive a response.)
The company manages the property on behalf of the owners, taking care of the registration, the finding of tenants and the ultimate sale. Fractional owners get rent and sale value in percentages of their respective ownership percentages. Property Share charges a percentage of the rent as management fee, a performance fee linked to the return and capital appreciation of the property.