SUMMARY
The fund will have an average ticket size of INR 2-8 Cr for early-stage startups and INR 15-40 Cr for growth-stage Series A and B rounds
These investments will support technology startups aiming to advance the real estate sector
The fund, holding an AIF Cat II license from SEBI, is fortified by an additional green-shoe option of INR 400 Cr, enhancing flexibility in the investment landscape
Venture Catalysts and Neovon-backed Spyre PropTech Venture Fund has floated its maiden INR 400 Cr proptech fund to back at least 30 startups.
The fund will have an average ticket size of INR 2-8 Cr for early-stage startups and INR 15-40 Cr for growth-stage Series A and B rounds, Spyre said in a statement.
These investments will support technology startups aiming to advance the real estate sector.
The fund has an AIF II licence and an additional greenshoe option of INR 400 Cr.
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, the statement added.
Boman Irani, president of CREDAI and MD of Rustomjee Group, said, “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. CREDAI has been hosting discussions on the important aspects 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.”
Spyre, co-founded by Neovon, has committed 20% of its fund size as an anchor, supported by leading developers.
Neovon, cofounder, Binitha Dalal, said, “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 a whole. Backed by the industry, this fund will have the perfect edge, leading to empowerment, innovation, and unprecedented growth.”
Anil Jain, general partner, Spyre Proptech Venture Fund, said, “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.”
Founded in 2023, Spyre, is a proptech fund which focuses on nurturing startups in the Indian landscape, beyond investors, it aims to become a strategic partner to foster innovation across the real estate space and its ancillaries.
Over the decades, the VC firm has been backing successful ventures in the industry including OYO, Innov8, Planet Smart City, Rentmojo, Homeville, and more.
