February 22, 2024: Venture Capital Fund Spyre PropTech Venture fund, backed by Venture Catalysts and Neovon is set to launch the first phase of Rs 400-crore PropTech sectoral fund, according to an official release. This is aimed at enabling major investments in over 30 Indian startups in the next two to three years. The maiden fund is set to invest in early and growth stage companies with ticket sizes ranging from Rs 2-8 crore in early stages and Rs 15-40 crore 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 Rs 400 crore, enhancing its flexibility in the dynamic investment landscape.
According to the release, CREDAI, the apex body of private real estate developers in India, is backing the first of its kind venture fund.
Boman Irani, president – CREDAI and MD – 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. In sync with hon’ble PM’s vision of promoting innovative technologies in the housing and 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 Spyre PropTech’s emergence as the leader in this respect.”
Spyre has been anchored and co-founded by Neovon, a consortium of leading developers and has committed 20% of the fund size as an anchor within the fund. Binitha Dalal, co-founder, Neovon said, “We are delighted to partner with the Spyre Proptech 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.
Anil Jain, general partner, Spyre Proptech Venture Fund and co-founder of Venture Catalysts and Wallfort group, 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.”
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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