10 March 2017, India:
Bengaluru-based startup Property Share has raised an undisclosed amount of funding from Japan-based asset management firm Asuka, existing investors Pravega Ventures and Singapore-based BEENEXT as per the report by ET.
Founded in 2014 by IIM Ahmedabad alumni Kunal Moktan and Hashim Khan, Property Share is a real estate investment platform that allows investors to purchase, lend or borrow against fractional shares in completed rent-generating residential and commercial properties. The platform facilitates co-ownership, manages the property on behalf of investors (including tenancy) and sells the property after three to four years.
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Talking about the model, founder Kunal Moktan said, “We have about 15 properties under management. We try to find properties that are likely to make 15-20% returns per year for investors in real estate. We have about $4 Mn in assets under management (AUM).”
The startup will utilize the fresh funds for technological upgrade and recruitment across areas such as investment, operations and technology.
