Proptech Startup Propdial raises INR 1 crore through Debentures
Propdial, a proptech firm based in Gurugram, has received Rs 1 crore through forced convertible debentures as part of a bigger Rs 2-2.5crore round.Propdial will use the new funds to expand its local company and expand beyond India. Earlier this year, the startup, which helps people manage property remotely, raised seed money. In January-March 2022, a larger financing round is anticipated.
Propdial's co-founder and CEO Vinay Prajapati said, “The funds raised from this round will be largely used for people and products as we want to improve our product features while adding more resources in sales and operation functions. We are very much on our target of 5X revenue growth this fiscal and that will set the new base for bigger jumps in coming years, as the market we are addressing is huge and largely untapped.”
Vinay Prajapati has ten years of experience in the software industry in the United States. In 2009, a primary market brokerage firm was established. He created and sold a software that allows real estate professionals to communicate and share their property needs. He is a real estate specialist and MMMEC Gorakhpur alumnus.
Propdial shifted its focus to property management in 2017, allowing property owners in India to manage their properties remotely. It has expanded its activities to eight states and 20 cities in a short period of time. It has a consumer base in more than 45 countries.
“As we see a very high demand for property management service, lately we have kicked off our operation in Chennai in addition to adding Tier-II cities,” Propdial’s cofounder and COO Gopal Mishra said. “Our customer base is expanding fast while new partnerships with ecosystem players are giving further boost.”
Propdial's co-founder and CEO Vinay Prajapati said, “The funds raised from this round will be largely used for people and products as we want to improve our product features while adding more resources in sales and operation functions. We are very much on our target of 5X revenue growth this fiscal and that will set the new base for bigger jumps in coming years, as the market we are addressing is huge and largely untapped.”
Vinay Prajapati has ten years of experience in the software industry in the United States. In 2009, a primary market brokerage firm was established. He created and sold a software that allows real estate professionals to communicate and share their property needs. He is a real estate specialist and MMMEC Gorakhpur alumnus.
Our customer base is expanding fast while new partnerships with ecosystem players are giving further boost
Propdial shifted its focus to property management in 2017, allowing property owners in India to manage their properties remotely. It has expanded its activities to eight states and 20 cities in a short period of time. It has a consumer base in more than 45 countries.
“As we see a very high demand for property management service, lately we have kicked off our operation in Chennai in addition to adding Tier-II cities,” Propdial’s cofounder and COO Gopal Mishra said. “Our customer base is expanding fast while new partnerships with ecosystem players are giving further boost.”
