Spyre VC PropTech Venture Initiates First Phase of Rs 400 Crore Fund with backing from Venture Catalysts and Neovon
Spyre VC PropTech Venture Fund, with backing from Venture Catalysts and Neovon, has unveiled the commencement of the first phase of its Rs 400 crore PropTech sectoral fund, aimed at facilitating significant investments in more than 30 Indian startups.
The Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body of private real estate developers in the country, is supporting this pioneering venture fund, marking a milestone in shaping the proptech landscape in India.
The inaugural fund is poised to invest in early and growth-stage companies, offering ticket sizes ranging from Rs 2-8 crore for early stages and Rs 15-40 crore for growth-stage Series A and B rounds.
The intention of these investments is to empower innovative technology startups dedicated to propelling the real estate sector forward into the future.
Securing an AIF Cat II license from SEBI, the fund includes an additional greenshoe option of Rs 400 crore, further enhancing its investment capabilities.
Spyre VC, as a proptech fund, directs its focus towards nurturing startups within the Indian ecosystem, aiming to establish itself as a strategic partner in fostering innovation across the real estate domain and its ancillary sectors.
Over the years, Spyre VC has backed notable companies such as OYO, Innov8, Planet Smart City, Rentmojo, Homeville, and others, underscoring its commitment to driving innovation and growth within the proptech sphere.
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