Spyre PropTech to launch maiden Rs 400-Cr fund backed by Venture Catalysts and Neovon

Spyre PropTech Venture Fund, backed by Venture Catalysts and Neovon, is set to launch the first phase of its Rs 400-crore proptech fund.

The maiden fund will invest in over 30 early and growth-stage companies, with ticket sizes ranging from Rs 2 crore to Rs 8 crore for the early stage and Rs 15 crore to Rs 40 crore in the growth stage Series A and B rounds. The fund has an alternative investment fund II licence and an additional green-shoe option of Rs 400 crore.

"Considering the real estate sector's robust growth trajectory and the pressing need for technological innovation within this domain, we firmly believe it's the optimal moment to unveil a dedicated proptech fund," Murali Krishna, Principal Investor at Spyre PropTech Venture Fund, told Yourstory.

"This initiative is not just about capital investment, it's also about fostering a symbiotic ecosystem where proptech startups are not merely funded but are genuinely supported to scale and innovate," he added.

Krishna hopes more startups will aim to improve construction completion timings, ease project management, and reduce water and energy consumption, while being open to whatever the ecosystem brings to the table.

Multi-stage venture capital firm Venture Catalysts will be the the seed investor and co-sponsor of Spyre. CREDAI, the apex body of private real estate developers in India, is supporting the fund.

"To be a part of the next tech disruption, it is imperative to promptly participate in the evolutionary process. The ambit of technological advancements in the real estate sector is vast, and we are excited to witness Spyre PropTech’s emergence as the leader in this respect. We look forward to working with proptech startups, making it a win-win for all" Boman Irani, President CREDAI and MD of Rustomjee Group.

Spyre PropTech Venture Fund is anchored and co-founded by Neovon, a consortium of real-estate developers, and has committed 20% of the fund size as an anchor.

"As a consortium of developers, we truly believe that the only way to find success is to build a win-win situation for proptech startups and the industry as whole. Backed by the industry, this fund will have the perfect edge, leading to empowerment, innovation, and unprecedented growth," said Neovon Co-founder, Binitha Dalal.

The management team at Spyre includes Murali Krishna as the principal investor and Abhimanyu Bisht as the operating partner.

Krishna, a postgraduate from UCLA, boasts over 15 years of experience in investment management, establishing and heading the Kolte Patil family office and Ronnie Screwvala's Unilazer Ventures. Bisht, who holds an MBA from ISB, was earlier the CEO at Venture Catalysts, where he spearheaded more than 250 investments in over 100 startups.