SAIF Partners and Accel Partners have announced an investment in PropTiger Realty Private Limited which runs PropTiger, a technology enabled real estate marketing services platform.
PropTiger was created in February 2011 by Dhruv Agarwala, Kartik Varma and Prashan Agarwal and since inception has achieved a gross value of property sold amounting to Rs. 1,100 crores. Dhruv and Kartik earlier cofounded iTrust, which was acquired by Karvy Group in Feb, 2011.
PropTiger currently focuses on marketing new residential real estate developments aimed at middle class Indian families and is transacting at a run-rate of 300 units a month. PropTiger offers real estate developers across India the ability to quickly sell their new residential apartments inventory during the initial launch, thus allowing developers to focus on the execution of their project.
As far as consumer services are concerned, PropTiger has in-house real estate experts, who initiate contact with customers and offer end-to-end services starting from identifying apartment options, organizing site visits, budget and affordability analysis, helping with unit selection and filing of the application with the real estate developer to facilitating the cheapest housing loan.
The company’s target is to reach Rs 10,000 crores of gross value of property sold by 2016. The new funding will be used to further strengthen PropTiger’s position in India’s top 8 cities where it operates and increasing head count to 500 real estate experts by mid-2013.
Post funding, Ravi Adusumalli of SAIF and Prashanth Prakash of Accel have joined PropTiger’s Board.