Proptech startup Zapkey Technologies has secured an undisclosed amount of funding from DSP Group Office, along with existing investors Gruhas Proptech and DLF Family Office. The investment will be utilized to accelerate the growth and technological innovation of the startup.
Zapkey, founded in 2020 by Shubhankar Dongre, Sandeep Reddy, and Raja Seetharaman, provides easy and affordable ways to buy and sell homes. The startup had previously raised $2 million from Gruhas Proptech in 2022.
The recent funding round included DSP Group Office as the lead investor, along with existing investors DLF Family Office and Gruhas Proptech. Zapkey claims to have attracted over 8,000 home sellers and has a local brokers’ network of 2,500. Shubhankar stated that the support and access of DSP Group Office, a powerful name in Indian finance, would help compound Zapkey’s growth as it enters new markets.
Zapkey has earned consumer trust by using real-time data and market trends to determine property valuations. The Indian real estate industry is expected to grow to $9.30 billion by 2040 from $1.72 billion in 2019, according to the India Real Estate Industry report by the Indian Brand Equity Foundation.
The IMARC Group also reported that the Indian real estate market reached $256.8 billion in 2022 and is expected to reach $780.6 billion by 2028. The growth of the market is due to contributing factors such as nuclear families, aspirational needs including relocation for jobs and higher studies, among others.
Additionally, other proptech startups, such as PropertyPistol and Landeed, have raised significant funds to expand their businesses. Google-backed NoBroker is also set to become the first proptech platform to join the ONDC network. In March 2023, NoBroker raised $5 million in an extended Series E funding round from Google.
Zapkey is a proptech startup that offers a platform to simplify the home-selling process. It connects home sellers with local real estate brokers, making the process more efficient and less stressful for both parties. Zapkey’s platform offers a range of services, including property valuation, listing preparation, marketing, and closing support. With a network of over 2,500 local brokers, Zapkey aims to provide a more personalized experience to home sellers while leveraging technology to streamline the home-selling process.
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