Mumbai based Propstack, an online commercial real estate information, analytics and marketing startup, has raised $3 million in series A round of funding. The investment was led by DMG Information, the investment subsidiary of British media conglomerate Daily Mail & General Trust, in participation with Real Capital Analytics.
With this new round of funding, the company plans to expand its presence across country as well as to launch its upcoming product, a listings and marketing platform for real estate brokers and developers. It is looking to enter in seven new markets – Delhi/NCR, Pune, Bengaluru, Hyderabad, Kolkata, Chennai, as well as diversifying its product portfolio.
The investment terms are still not clear, however DMG picked up a stack of between 15-25% in the firm. Started in 2013, as a venture of former Jones Lang LaSalle executive Seetharaman, Shubhankar Dongre and Sandeep Reddy, Propstack serves to corporate, funds, rating agencies, brokers, owners and developers, vendors by providing all commercial real estate research requirements.
Few days back, real estate portal Housing.com has acquired New Delhi-based startup Realty Business Intelligence for an estimated $2-4 million deal.