NEW DELHI, Jan 24 (PTI): Proptech startup Landeed has raised USD 8.3 million (over Rs 67 crore) to expand its business.
The latest funding round witnessed the participation of investors led by Draper Associates, Y Combinator, and Bayhouse Capital, it said in a statement.
Landeed aims to build a comprehensive property title search engine.
The amount will be utilised to infuse fresh talent into the company to support the accomplished team and further strengthen the technological infrastructure.
The startup plans to hire ten more software developers to help it become an IaaS (Infrastructure-as-a-Service) provider for all real estate transactions.
“Landeed weaves together multiple government departments across various states producing a ‘plaid-like’ property summary data,” Sanjay Mandava, CEO and Co-Founder of Landeed, said.
“Through our application, an individual can verify a property transaction ledger going back 20 years in 2 seconds. To make this happen, we built a standardised interface simplifying the multiple search methods across states into an intuitive and fluid user experience,” Mandava said.
Founded in 2022, Landeed seeks to simplify property due diligence for all parties to engage, communicate, and close deals. It simplifies the multiple search methods across states into an intuitive and fluid experience, the statement said.
According to Housing.com data, between 2009 and June 2022, the proptech companies in India received a total of USD 3.42 billion in private equity funding.
The adoption of technologies in the real estate sector has increased significantly in the last three years amid the Covid pandemic.
In November 2021, Bengaluru-based NoBroker.com raised USD 210 million from investors at a valuation of USD 1 billion to become the first unicorn in the proptech sector.
Earlier this month, Brick&Bolt raised USD 10 million from investors.