[Funding alert] Asset manager MPowered raises $21M from US-based high net worth individuals
MPowered said it will use the funds to take on new verticals and develop easy-to-use tech solutions for transacting in and managing the real-estate space.
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Gurugram-based asset management Solutions startup, MPowered on Monday said it raised $21 million in a pre-Series A round from a group of US-based HNIs led by serial entrepreneurs in the real-estate sector, Ashok Nichani and Shelly Nichani.
The startup said it will use the funds to take on new verticals of real estate such as warehousing, residential and commercial spaces, as well as develop easy-to-use tech solutions for enabling transactions and management in the real-estate business.
"At MPowered, our vision is to power real estate with technology every step of the way, with the latter being at the front and center of our concepts and operations. Raising funds at this juncture is integral to this vision..," said Bhavna Juneja, Co-Founder, MPowered
MPowered was launched by former GoWork chief executive officer Sudeep Singh, and Bhavna in June 2020. The startup offers products including space-as-a-service platform Mpowered, co-working and co-living management platform Powered by M, and MGage, a tool to manage work-spaces.
“We strongly believe in MPowered’s value proposition as a business and its fitment in the Indian market where organised asset management is still fairly nascent and unexplored," Ashok said in a press release.
"India is a very high-action space right now with immense appetite for new concepts, technology and models. This is the best time to address the white spaces in industries such as real estate that are timeless and currently demand intelligent concepts and handling," Shelly added.
Mpowered helps property owners convert their B-grade and C-grade properties in A-grade profit-generating ventures for long-term use. It also converts underutilised real-estate into functional facilities by investing in them and implementing its various models on the properties, as per the fitment in terms of size, location, and infrastructure, among other things. Mpowered provides asset management services in the domains of commercial, residential and retail real estate spaces.
Edited by Aparajita Saxena