Proptech startup Landeed has raised $8.3 million (over Rs 67 crore) to expand its business.
The latest funding round saw participation from investors led by Draper Associates, Y Combinator and Bayhouse Capital, it said in a statement.
Landeed aims to create a comprehensive property rights search engine.
Proceeds will inject fresh talent into the company, support established teams and further strengthen the technical infrastructure.
The startup plans to hire ten more software developers to help it become an IaaS (infrastructure-as-a-service) provider for all real estate transactions.
“Landeed weaves together multiple government departments across states, resulting in a ‘lattice-like’ property summary data,” said Sanjay Mandava, CEO and co-founder of Landeed.
“Through our app, individuals can verify a 20-year-old property transaction ledger in under 2 seconds. To achieve this, we built a standardized interface that simplifies multiple search methods across states into an intuitive and smooth user experience,” Mandava said.
Launched in 2022, Landeed aims to simplify property due diligence, communication and closing of transactions for all parties involved. The statement said that it simplifies multiple search methods across state borders into an intuitive and smooth experience.
Proptech companies in India have raised a total of $3.42 billion in private equity funding between 2009 and June 2022, according to Housing.com.
Technology adoption in the real estate industry has increased significantly during the Covid pandemic over the past three years.
In November 2021, Bengaluru-based NoBroker.com became the first unicorn in Proptech when it raised $210 million from investors at a $1 billion valuation.
Earlier this month, Brick&Bolt raised $10 million from investors.