Alt DRX, a Bengaluru startup that deals in tokenized digital real estate, has raised Rs 23 crore (about $2.7 million) in a funding round that saw participation from institutions like Qatar Development Bank, WeFounder Circle Angel Fund, and nX Capital.

Other prominent individual investors such as commentator Harsha Bhogle, Mindtree founder Parthasarathy, and former KPMG India CEO Richard Rekhy also joined the round.

The money will be used to fund customer acquisition, developing its technology platform, and covering operational costs. Started by Anand Narayanan, Alt DRX allows investors to invest in home real estate through buying tokenized units that are based on square foot. Payments are made via an algorithmic pricing system and blockchain.

The startup runs on the XRPL Ripple blockchain and holds a custodial ledger for users who have been KYC-approved, enabling digital ownership and transaction history. Alt DRX has also partnered with the Qatar Financial Centre's Digital Assets Lab and is part of the IFSCA's sandbox for innovation at GIFT City.
As per a report by BCG and Ripple, tokenization of real assets can grow up to $18 trillion by 2033 and real estate can be a key segment. Now, Alt DRX handles about 100,000 transactions each year.