SpyrePropTech Venture fund, Roll Out Phase 1 of PropTech Fund of INR 400 Crore backed by Venture Catalysts, and Neovon, Targeting Investments in 30+ Startups Over the Next 2-3 Years

The maiden fund has received an AIF Cat II license from SEBI, and is backed by CREDAI, Neovon, Venture Catalysts, and more

Mumbai, February 27, 2024: SpyrePropTech Venture fund,backed by Venture Catalysts and Neovon to launch the first phase of INR 400 Cr PropTech sectoral fund aimed at enabling major investments in over 30 Indian startups. The maiden fund is set to invest in early and growth stage companies with ticket sizes ranging from INR 2-8 Cr in early stages and INR 15-40 Cr in growth stage series A and B rounds. These investments will support innovative technology startups working towards propelling the real estate sector into the future. The fund has obtained an AIF Cat II license from SEBI, bolstered by an additional green-shoe option of INR 400 crore, enhancing its flexibility in the dynamic investment landscape.

CREDAI, the apex body of private Real Estate developers in India, is backing the first of its kind venture fund, to shape the largest PropTech fund in the country.

Boman Irani, President – CREDAI and MD – Rustomjee Group, expressed his enthusiasm for the partnership, stating, “As part of CREDAI’s vision, promoting technology in the Real Estate sector, nurturing change across business operations via adoption and integration of new-age technologies has been our priority. In sync with Hon’ble PM’s vision of promoting innovative technologies in the Housing& Real Estate sector, CREDAI has been hosting discussions on the important aspect of PropTech over the years and through this fund aims to convert these discussions into action.  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 SpyrePropTech’s emergence as the leader in this respect. We look forward to working with proptech startups, making it a win-win for all!”

Spyre has been anchored and co-founded by Neovon, a consortium of leading developers and has committed 20% of fund size as an anchor within the fund. Speaking on behalf of Neovon, the Co-Founder, Binitha Dalal said, “We are delighted to partner with the SpyreProptech Fund along with Venture Catalysts, a strong partner with a focus on building and nurturing the proptech ecosystem. 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.”

Venture Catalysts, India’s first multi-stage venture capital firm, is the seed investor and co-sponsor of Spyre. With a decade-long experience of supporting 250+ startups, they have consistently backed leading Proptech companies, establishing a diverse portfolio in India.

Anil Jain, General Partner, Spyre Proptech Venture Fund, emphasized the unique positioning of Spyre in the market, saying, “PropTech is a whitespace we identified which offers tremendous opportunities for Indian entrepreneurs. India already has 6 unicorns in the segment yet we don’t have a focused fund for the sector. We are building Spyre from day one with a team and investors that have relevant expertise for building India’s First PropTech-only fund.” Anil Jain comes with a unique experience of 30+ years in residential, commercial, and industrial real estate development, as well as investing in public and private markets. He also is a co-founder of Venture Catalysts and Wallfort group.

The management team at Spyre brings together more than three decades of combined experience, with Murali Krishna as Principal and Abhimanyu Bisht as an Operating Partner leading the way. Murali, a post-graduate from UCLA, has over 15 years of investing experience, establishing and leading Kolte Patil family office and Ronnie Screwvala’s Unilazer Ventures. Abhimanyu, an MBA from ISB, previously served as CEO of Venture Catalysts, leading more than 250 investments in 100+ startups.

Over the decades, the team has been backing successful ventures in the industry including OYO, Innov8, Planet Smart City, Rentmojo, Homeville, and more.

SpyrePropTech Venture Fund aims to not only invest in startups but also actively contribute to shaping the future of the real estate industry. With a focus on empowering entrepreneurs and fostering innovation, Spyre is poised to play a pivotal role in propelling India’s real estate sector to new heights.

Corporate Comm India (CCI Newswire)