Strata, a tech-enabled real estate investment platform, has raised $6 million in a Series A funding round that was co-led Kotak Investment Advisors, Gruhas Proptech, Sabre Investments, the company’s chief executive has said.
Elevation Capital, Mayfield India and Gemba Capital also pitched in.
- The startup will use the funding to strengthen its technology and expand operations across India, Including the key markets of Mumbai, Hyderabad, Chennai, Bengaluru, Delhi and Pune.
- It also plans to accelerate product development and introduce new investment offerings to yield greater returns for its investors in the long term.
- It aims to grow its assets under management (AUMs) nearly five times to Rs 1,500 crore by the end of the current fiscal, from Rs 330 crore at present.
“This round of financing comes at a critical point in our business, enabling us to accelerate our expansion plans and build and innovate our product portfolio, as we gear up for our next phase of growth,” Strata CEO Sudarshan Lodha told ET.
The company had in March last year raised $1.5 million in a seed funding round co-led by Elevation Capital and Mayfield India, along with participation of PropStack angel investors.
“Investment in CRE (commercial real estate
) has predominantly remained off limits for most sections of the investor community in India. However, Strata has managed to close the gap by giving investors accessibility, transparency and affordability to invest in CRE through its offerings,” said Srini Sriniwasan, managing director of Kotak Investment Advisors
Strata is also aiming to double its headcount in the current fiscal year. It is eyeing fresh recruits as tech and product managers, and investment and asset managers, who will aid its growth plans of building a strong asset portfolio across the country.
“There exists a large opportunity to provide access and better experience for investments in alternative asset classes in India,” said Vaas Bhaskar, vice president at Elevation Capital. “We have deep conviction thatStrata’s technology and data-driven approach is scalable, performance-oriented, and provides a phenomenal investor experience.”
Strata’s platform, at present, has more than 15,000 users and an active base of over 1,000 investors globally. While 20% of the investor base comprise Non Resident Indians (NRIs), others include high networth individuals, family offices, top management of Fortune 500 companies as well as ultra high networth individuals and institutional investors.