CBRE, NASSCOM partner to support and mentor proptech startups
Through this partnership, CBRE and NASSCOM aspire to foster the growth of startup companies by providing them with invaluable mentorship and guidance from industry experts.
CBRE, the renowned real estate consultant, has joined forces with NASSCOM, the leading tech industry body, to launch a proptech challenge programme aimed at supporting and guiding startups. The initiative, known as 'DISRUPTECH 2.0,' marks the second edition of CBRE's proptech challenge and seeks to recognise and empower emerging startups that are revolutionizing the real estate industry through innovative tech solutions.
Through this partnership, CBRE and NASSCOM aspire to foster the growth of startup companies by providing them with invaluable mentorship and guidance from industry experts. The DISRUPTECH programme is set to kick off in June 2023 and run until October 2023, allowing ample time for participants to showcase their groundbreaking ideas.
Entrants to the challenge will be divided into categories focused on crucial aspects of the real estate industry, including ESG (environmental, social, and governance), fintech, construction technology, and indigenous tech catering to the local market. At the culmination of the initiative, winners from each category will be selected and bestowed with recognition and mentorship by CBRE's seasoned experts.
Anshuman Magazine, Chairman and CEO of CBRE for India, South East Asia, the Middle East, and Africa, expressed the significance of technology in the real estate sector, especially in the wake of the pandemic. He stated that the initiative would empower budding startups to revolutionize the industry with their innovative solutions, driving positive transformation and progress.
Kritika Murugesan, Senior Director of 10000 Startups at NASSCOM, acknowledged the transformative impact of proptech in the post-pandemic era. She noted that the integration of emerging technologies had propelled the sector forward, enabling more efficient and sustainable growth. Murugesan highlighted the emergence of real estate startups across various sub-segments, including sales, construction, finance, and sustainability.
The demand for proptech firms has grown significantly, attracting substantial investments totalling $3.42 billion in private equity funding for Indian proptech companies between 2009 and June 2022, according to Housing.com data. Investors are recognizing the immense potential of innovative technologies like artificial intelligence (AI), the internet of things (IoT), and virtual reality to revolutionize the real estate sector. NoBroker, for example, secured $210 million in funding in November 2021, becoming the first proptech unicorn.
The collaboration between CBRE and NASSCOM in launching the DISRUPTECH programme is poised to accelerate the growth of proptech in India. By leveraging technology and embracing innovative solutions, the real estate industry is poised for a remarkable transformation. With the support and guidance provided by this partnership, startups can forge ahead, driving the industry into a new era of efficiency, sustainability, and success.
NASSCOM, as the premier trade body and chamber of commerce for the Indian tech industry, boasts an impressive membership of over 3,000 companies. Its involvement in this collaboration further strengthens the programme's credibility and potential impact on the startup ecosystem.
Edited by Kanishk Singh