Tracxn Research: Real Estate Tech India Landscape, October 2016

Real Estate Tech India Report, October 2016
Tracxn
World’s Largest Startup Research Platform
2

Contents
Topic Page No.
Scope of Report 04
Entrepreneur Activity 07
Investment Trend 11
Who is Investing 19
Exit Outlook - IPO, Acquisitions 23
Sub Sector Analysis 25
Interesting Companies 45
Useful Links 53
Company List 55
Team 142

Sector Overview
Scope of report
This report covers real estate technology companies that provide consumer and enterprise solutions. The report includes
businesses that provide online rental and property buying listing services for residential and commercial sectors, managed
property rentals, managed and marketplaces for co-working spaces, tech-enabled brokerage services, brokers marketplaces and
networking services, property and maintenance management solutions, CRM and marketing solutions, AR/VR solutions for
institutions, brokers, investment platforms, reviews, property advisory and legal services, content.
Typically these are companies that engage target audience through web or mobile enabled platforms and acquire data on
customer preferences in the real estate sector to deliver curated information about available properties for renting and buying,
enable brokers to connect, collaborate and close deals, help customers in real estate investments, enable enterprises, societies
and property managers to manage and maintain properties, rentals and use AR/VR technology to improve user experience.
The scope of the report does not extend to real estate developers, builders, offline agents. The report includes equity as well as
debt funding received by the companies.

Market Insights
Real Estate Market in India
Indian real estate market is expected to touch $180B by 2020. Rapid urbanization has
led to new real estate properties, urban real estate market sees close to 14M
transactions annually. Currently, Indian real estate market is seeing a slump as 4 lakh
crore of inventory lies piled up in the top seven cities. Startups in this sector are solving
unused inventory, reliability, transparency issues with the help of technology.
The market witnessed an increase in the number of tech enabled real estate companies
founded in India – 231 companies were founded in 2015 as compared to 123 in 2014.
Additionally, number of investments have picked up in this space with 30 deals in 2015
as compared to 11 deals in 2014. Continuing this trend, 2016 has been a good year for
the sector with $60M funding across 20 deals. The majority of these rounds are seed or
early stage investments, indicating that new business models are evolving in this sector.
The sector witnessed new business models such as managed property rentals, P2P
listings, broker networks, co-working spaces, short-term residential and commercial
rentals, data analytics, and AR/VR solutions.
Year 2015 saw a spike in co-working spaces and managed home rentals startups with
69 and 30 companies in respective sub-sectors attributing to unused inventory,
transparency, and accessibility issues. The sector has recently seen a spike in the
number of acquisitions due to the sluggish real estate market. Since 2015 PropTiger has
acquired 4 startups the latest one being acquisition of PropRates.
Total rental market
is estimated to be
$15B per annum1
2nd largest
employer after
agriculture2
The sector has a
$4.5B market for
managed home
rentals3
Around $4B in
brokerage fee for
renting houses in
top 25 cities4
70% of the
houses of online
aggregators
belong to NRIs5
Real Estate India Stats
Sources:
1.http://www.iamwire.com/2016/04/getsethome-flats-
rent-bachelors/134407
2.http://www.ibef.org/industry/real-estate-india.aspx
3.http://www.iamwire.com/2016/05/zenify-rental-
solutions/135032
4.http://www.livemint.com/Companies/9ZeG4yrJyNczCG
pzuWQV3N/Grabhouse-raises-10-million-in-series-B-
funding.html
5.http://articles.economictimes.indiatimes.com/2016-
04-14/news/72322690_1_idg-ventures-nris-startups

Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
6

24 25
51
68
123
231
68
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015 2016
NumberofCompanies
7
YoY – Number of companies founded
Groffr PropTiger Housing Grabhouse NestAway awfis DoorKeys
PropertyStation Favista Zenify Square Yards NoBroker StarttopiaQdesq

Large Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
19 Feb-2015 4
Commercial > Listings and
Marketplaces > Co-working Spaces
$10M
awfis
2015, Delhi
30 Jan-2015 6 Residential > Rentals > Managed $45M
NestAway
2014, Bangalore
50 Aug-2014 3
Commercial > Managed > Co-
working Spaces
$1M
BHIVE Workspace
2014, Bangalore
89 Jan-2013 10 Residential > Property Buying $232M
Housing
2014, Mumbai
61 Jan-2013 9 Renting and Selling Enablers $5M
AgentDesks
2014, Chennai

Niche Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Tracxn Picks
14 Jul-2014 2 Brokers > Networking $1M
BroEx
2014, Gurgaon
7 Jul-2014 1
Brokers > Networking >
Collaboration
$350K
PlaBro
2015, Gurgaon
8 May-2014 1
Residential > Rentals > Listings
and Marketplaces > Service
Apartments
NA
SimplyMoveIn
(2015, Bangalore)
10 Feb-2014 4
Residential > Rentals > Listings
and Marketplaces > P2P
$26M
NoBroker
2014, Bangalore
13 Sep-2013 4 Visualization > Virtual Reality $1M
SmartVizX
(Noida, 2014)

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
10

YoY – Number of Rounds and Total Funding
Note: The funding includes debt rounds also.
$12M
$3M
$11M
$29M
$222M
$61M $60M
3
2
5
8
11
30
20
0
7
14
21
28
35
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015 2016
NumberofRounds
FundingAmount(inMillions)
Funding Amount Number of Rounds

YoY – Number of Rounds by Stage
1
3
5 5
19
15
1
2
2 3
10
3
1
3
2
0
5
10
15
20
25
30
35
2011 2012 2013 2014 2015 2016
NumberofRounds
Seed Early Late

YoY – Funding by Stage
$2M $2M $3M $1M
$9M $4M$1M
$9M
$19M
$81M
$52M
$11M
$8M
$140M
$45M
0
50
100
150
200
250
2011 2012 2013 2014 2015 2016
TotalFundingAmount(inMillions)
Seed Early Late

Average Ticket Size – Early Stage
$2.0M $2.0M $2.5M
$0.2M $0.9M
$0.8M$1.0M
$4.5M
$7.0M
$4.3M
$1.0M
$12.0M
$27.0M
$11.0M
$10.0M
0.0
5.0
10.0
15.0
20.0
25.0
30.0
2011 2012 2013 2014 2015 2016
FundingAmount(inMillions)
Seed Series A Series B

Top investments in last one year
Company
Funding
Amount
Round Name Date Investors
nestaway.com
NestAway
(Bangalore, 2014)
$30M Series C Apr-2016 Tiger Global Management, IDG Ventures India
housing.com
Housing
(Mumbai, 2012)
$15M Series D Jan-2016 SoftBank
grabhouse.com
Grabhouse
(Mumbai, 2013)
$10M Series B Oct-2015 Sequoia Capital, Kalaari
nobroker.in
NoBroker
(Bangalore, 2014)
$10M Series B Feb-2016 Digital Garage, Beenos, Beenext, SAIF Partners
heypillow.com
HeyPillow
(Bangalore, 2014)
$3M Series A Nov-2015
agentdesks.com
AgentDesks
(Chennai, 2014)
$3M Seed Oct-2015 VTF Capital, Sierra Ventures, Cota Capital
doorkeys.com
DoorKeys
(Delhi, 2016)
$2M Seed Sep-2016
bhiveworkspace.com
BHIVE Workspace
(Bangalore, 2014)
$1M Series A May-2016 Blume Ventures

Top investments in last one year
Company
Funding
Amount
Round Name Date Investors
zenify.in
Zenify
(Bangalore, 2012)
$900K Seed May-2016
smartvizx.com
SmartVizX
(Noida, 2014)
$500K Seed Mar-2016 Indian Angel Network, Stanford Angels and Entrepreneurs
squareplums.com
Square Plums
(Bangalore, 2015)
$450K Seed Jul-2016 Indian Angel Network
furdo.com
Furdo
(Bangalore, 2015)
$400K Angel Sep-2015
plabro.com
PlaBro
(Gurgaon, 2015)
$350K Seed Sep-2015 Sol Primero, OutBox Ventures
homigo.in
Homigo
(Bangalore, 2015)
$200K Seed Oct-2015
zipgrid.co
Zipgrid
(Mumbai, 2013)
$200K Equity Crowdfunding Aug-2016
spacemunk.com
SpaceMunk
(Bangalore, 2015)
$33K Seed Apr-2016 Start-Up Chile

Funnel view of Sector
Percent of
Previous
8%
23%
58%
18
3
7
12
51
626
0 140 280 420 560 700
M&A
Late
Series B
Series A
Funded
Founded
Number of Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
18

Most Active Investors in Sector
5 5 5
4
3 3 3 3
2 2
0
1
2
3
4
5
6
Accel
Partners
Helion
Venture Partners
Tiger Global
Management
SAIF Partners Foundation
Capital
Indian Angel
Network
Morpheus Gang Nexus
Venture Partners
Canaan
Partners
Horizen
Ventures
TotalNumberofRounds
CommonFloor.com Housing CommonFloor.com PropTiger IndiaHomes.com Groffr CommonFloor.com Housing IndiaProperty PropTiger
PropTiger IndiaHomes.com NestAway NoBroker SmartVizX OoBI

Where are Top Investors investing

Top Investor by Stage of Entry

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
22

Major Acquisitions in last one year
Date Company Acquirer Deal Size Overview
Total
Funding
Sep-2016 makaan.com
MagicSpace
(Udaipur, 2016)
theindianetwork.in Undisclosed Co-working space provider NA
Sep-2016
PropRates
(Mumbai, 2015)
proptiger.com Undisclosed Online platform for real estate deal information NA
Aug-2016
3DPhy
(Gurgaon, 2014)
proptiger.com Undisclosed 3D augmented & virtual reality solutions. $200K
Jul-2016 commonfloor.com
LifePad
(Delhi, 2015)
fellahomes.com Undisclosed Fully furnished and managed homes NA
Mar-2016 thebuyerpower.com
Properji
(Bangalore, 2012)
magicbricks.com Undisclosed Professional Property Advisors NA
Jan-2016 realtycompass.com
CommonFloor.com
(Bangalore, 2007)
quikr.com Undisclosed Map-based real estate property listing portal $47.9M
Dec-2015 indianrealestateforum.com
Realtycompass
(Chennai, 2012)
quikr.com Undisclosed Property Search Engine for real estate projects Undisclosed
Nov-2015 bigbhk.com
Indian Realty Exchange
(Gurgaon, 2015)
quikr.com Undisclosed
Online platform to discover and communicate with verified real
estate brokers
NA
Sep-2015 flatchat.com
BigBHK
(Bangalore, 2014)
housing.com Undisclosed Cloud-based real estate property management software Undisclosed
Sep-2015 4bhk.com
Plat
(Delhi, 2015)
housing.com Undisclosed Mobile network for real estate brokers NA

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
24

Top Business Models by Funding
$373M
$11M $5M $3M $3M $1M $1M $0.4M
0
80
160
240
320
400
Residential Commercial Renting and Selling
Enablers
Horizontal Data Analytics Brokers Visualization Maintenance
Management
TotalFundingAmount(inMillions)
# Cos. 255 101 59 129 6 17 20 33
Avg. Age Sep-13 Oct-14 Jan-13 Aug-12 Aug-12 Jul-14 Feb-13 Aug-12
Housing awfis
Propstack
HeyPillow BroEx SmartVizX
FurdoCommonFloor.com BHIVE Workspace GetSquareFeet PlaBro
AgentDesks
IndiaMLS
Zipgrid
Gorkha

October 2016Tracxn BlueBox : Real Estate Tech - India
0
50
100
150
200
250
2012 2013 2014 2015 2016
YoY startups founded
0
50
100
150
200
250
2012 2013 2014 2015 2016
YoY Funding Amount ($M)
620+ companies in the sector, 50 funded companies in last 5 years, $121M invested in 2015/2016
26

Residential – Business Model Description

Residential – Entrepreneur Activity and
Investment Trend

Residential – Most Funded Companies

Commercial and Brokers – Business Model
Description

Commercial and Brokers – Entrepreneur Activity
and Investment Trend

Commercial – Most Funded Companies

Brokers – Most Funded Companies

Visualization and Maintenance Management –
Business Model Description

Visualization and Maintenance Management –
Entrepreneur Activity and Investment Trend

Visualization – Most Funded Companies

Maintenance Management – Most Funded
Companies

Renting and Selling Enablers – Business Model
Description

Renting and Selling Enablers – Entrepreneur
Activity and Investment Trend

Renting and Selling Enablers – Most Funded
Companies

Horizontal – Business Model Description

Horizontal – Entrepreneur Activity and
Investment Trend

Horizontal – Most Funded Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
44

Interesting Unfunded Companies
Company Overview
Business
Model
peprooms.com
AmberStudent
(2016, Mumbai)
Online platform to book hostel accommodation abroad Residential > Rentals > Listings and Marketplaces
flatons.in
Spaceboat
(2016, Delhi)
Online platform book private spaces for short durations
Commercial > Listings and Marketplaces > Short-term
Rentals > Private Spaces
propertyshare.in
MyHQ
(2016, Delhi)
Online portal to book co-working spaces in partner cafes Commercial > Listings and Marketplaces > Co-working
Spaces
roomlion.com
Multiply My Leads
(2014, Gurgaon)
Online listing and leads management platform for brokers and
owners
Residential > Rentals > Listings and Marketplaces > Service
Apartments
propequity.in
Flipspaces
(2016, Mumbai)
Virtual reality based walk through Visualization > Virtual Reality
3dwalk.in
Amdigit
(2015, Mumbai)
Web based asset management solutions for real estate developers
and managers.
Renting and Selling Enablers > Property Management >
Asset Management
YoPano
(2014, Pune)
Online virtual tours creation software and hosting services Visualization > Virtual Reality
Pixelart 3D
(2015, Kochi)
VR to visualize an un-built construction Visualization > Virtual Reality
Curated list of companies by the sector analyst are defined as Interesting

Interesting Seed Companies

Interesting Series A and Series B Companies

Interesting Late Stage Companies

Top Funded Deadpooled Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
52

Useful Links
Slide Title Content Platform Link
Residential – Most Funded Companies Sub Sector Understand Link
Commercial – Most Funded companies Sub Sector Understand Link
Brokers – Most Funded companies Sub Sector Understand Link
Renting and Selling Enablers – Most Funded Companies Sub Sector Understand Link
Maintenance Management – Most Funded Companies Sub Sector Understand Link

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
54

Real Estate Tech India – Company List
Residential Commercial
Renting and
Selling Enablers
Horizontal Data Analytics Brokers
Visualization Maintenance Management Real Estate ERP Website Builder
COVERS THE FOLLOWING SECTORS

Residential (1/32)
Company Overview Business Model Total Funding
Qluto
(2014, Noida)
Social Networking Platform for Real Estate
Community and Reviews
IndianPropertyReview
(2010, Delhi)
Free Property Review, Ratings & Research
GetYouBest
(2015, Bangalore)
Online platform to review apartments and houses
BolRealty
(2015, Delhi)
Online crowd sourced information platform for real estate
Socialrealty
(2015, Bangalore)
Social platform for real estate discussions
Flatabout
(2015, Delhi)
Mobile app to check reviews on flats
Flatgradings
(2015, Bangalore)
Online platform to review apartments.
Indian Real Estate Forum
(2006, Mumbai)
Online discussion forum for sharing real estate information
Go to BM List >> Commercial

Residential (2/32)
Track My Prop
(2015, Bangalore)
Mobile app for progress tracking and management tool
RealtorsZone
(2014, Hyderabad)
Meta search platform for real estate properties
Meta Search
Nestoria
(2011, Bangalore)
Search engine for real estate properties
Meta Search
Propworthy
(2011, Bangalore)
Online portal listing curated rental classifieds
Meta Search
Kamraa
(2014, Delhi)
Online listing platform for renting location
Meta Search
Grephouse
(2013, Delhi)
Rented house web search portal eliminating broker services
Meta Search
Prop4india
(2015, Delhi)
Yet-to-launch real estate portal
Property Buying
Housing
(2012, Mumbai)
Map-based verified residential property listings platform
Nexus Venture Partners, Helion Venture Partners, Qualcomm Ventures,
SoftBank, Nirvana Ventures Advisors
Property Buying > Listings
and Marketplaces
$136.5M

Residential (3/32)
DoorKeys
(2016, Delhi)
Online buyer-centric property listing portal
and Marketplaces
$2M
Propchill
(2014, Gurgaon)
Online platform providing comparative analysis for Real Estate projects
and Marketplaces
Estatemint
(2012, Pune)
Real estate listing portal
and Marketplaces
InfiSqft
(2016, Bangalore)
Listing platform for builders and property developers.
and Marketplaces
(2014, Jaipur)
Online residential property listing portal
and Marketplaces
Walls N Roof
(2010, Mumbai)
Online real estate listings
and Marketplaces
Homeril
(2015, Pune)
Real estate property listing platform
and Marketplaces
Propertycity
(2016, Mumbai)
Property listing website.
and Marketplaces

Residential (4/32)

Residential (5/32)

Residential (6/32)

Residential (7/32)

Residential (8/32)

Residential (9/32)

Residential (10/32)

Residential (11/32)

Residential (12/32)

Residential (13/32)

Residential (14/32)

Residential (15/32)

Residential (16/32)

Residential (17/32)

Residential (18/32)

Residential (19/32)

Residential (20/32)

Residential (21/32)

Residential (22/32)

Residential (23/32)

Residential (24/32)

Residential (25/32)

Residential (26/32)

Residential (27/32)

Residential (28/32)

Residential (29/32)

Residential (30/32)

Residential (31/32)

Residential (32/32)

Commercial (1/13)
Residential << Go to BM List >>
Renting and Selling
Enablers

Commercial (2/13)
Renting and Selling
Enablers

Commercial (3/13)
Renting and Selling
Enablers

Commercial (4/13)
Renting and Selling
Enablers

Commercial (5/13)
Renting and Selling
Enablers

Commercial (6/13)
Renting and Selling
Enablers

Commercial (7/13)
Renting and Selling
Enablers

Commercial (8/13)
Renting and Selling
Enablers

Commercial (9/13)
Renting and Selling
Enablers

Commercial (10/13)
Renting and Selling
Enablers

Commercial (11/13)
Renting and Selling
Enablers

Commercial (12/13)
Renting and Selling
Enablers

Commercial (13/13)
Renting and Selling
Enablers

Renting and Selling Enablers (1/8)
Commercial << Go to BM List >> Horizontal

Horizontal (1/17)
Renting and
Selling Enablers
<< Go to BM List >> Data Analytics

Horizontal (2/17)
Renting and
Selling Enablers

Horizontal (3/17)
Renting and
Selling Enablers

Horizontal (4/17)
Renting and
Selling Enablers

Horizontal (5/17)
Renting and
Selling Enablers

Horizontal (6/17)
Renting and
Selling Enablers

Horizontal (7/17)
Renting and
Selling Enablers

Horizontal (8/17)
Renting and
Selling Enablers

Horizontal (9/17)
Renting and
Selling Enablers

Horizontal (10/17)
Renting and
Selling Enablers

Horizontal (11/17)
Renting and
Selling Enablers

Horizontal (12/17)
Renting and
Selling Enablers

Horizontal (13/17)
Renting and
Selling Enablers

Horizontal (14/17)
Renting and
Selling Enablers

Horizontal (15/17)
Renting and
Selling Enablers

Horizontal (16/17)
Renting and
Selling Enablers

Horizontal (17/17)
Renting and
Selling Enablers

Data Analytics
Horizontal << Go to BM List >> Brokers

Brokers (1/3)
Data Analytics << Go to BM List >> Visualization

Brokers (2/3)

Brokers (3/3)

Visualization (1/3)
Brokers << Go to BM List >>
Maintenance
Management

Visualization (2/3)
Maintenance
Management

Visualization (3/3)
Maintenance
Management

Maintenance Management (1/5)
Visualization << Go to BM List >> Real Estate

Real Estate
Maintenance
Management
<< Go to BM List >> ERP

ERP
Real Estate << Go to BM List >> Website Builder

Website Builder
ERP << Go to BM List

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
141

Team
142
Bindu Eswara Reddy
Lead Analyst, Consumer India

Tracxn Research: Real Estate Tech India Landscape, October 2016

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