Proptech startup Truva announced that it has raised $3 million (roughly Rs. 25.18 crore) in seed funding led by Stellaris Venture Partners.
The funding round saw participation from Peercheque, led by Aakrit Vaish and Miten Sampat, and notable angel investors including Mukesh Bansal, Ramakant Sharma, Ram Raheja, Ankit Nagori, Lalit Keshre, Natasha Malpani Oswal, Akhil Aryan, Sanjay Mandava and Indian Silicon Valley (Jivraj Singh).
Truva plans to leverage the funding to expand its team, improve its product, raise debt for working capital and scale operations with plans to expand into new markets in Mumbai and other cities.
“With our approach of prioritizing buyer experiences, we aim to reduce the overall complexities involved in real estate transactions, thereby speeding up the home buying process. Since launching earlier this year, we have facilitated transactions worth over Rs 30 crore in Powai, Mumbai alone. Our average time to sell a property is 19 days, compared to the market average of 9 months,” said Puneet Arora, Co-Founder, Truva.
Truva is a real estate technology company that focuses on home buying and selling. Founded in 2023 by Puneet Arora, Monil Singhal, and Ankit Gupta, Truva is dedicated to offering a seamless home buying experience. The platform also benefits home sellers by guaranteeing a sale within six months and covering the rent until the transaction is finalized.
The residential real estate market in India’s top seven cities is valued at over $100 billion (roughly Rs 839 lakh crore), and is projected to triple by 2030, with 40 per cent of its growth coming from the resale market.
“With rising disposable incomes and rapid urbanization, demand for housing will continue to increase. To tap the potential of this growing market, we believe significant improvements in the buying experience are needed,” said Ritesh Banglani, Partner at Stellaris Venture Partners.
Despite the market’s potential, homebuyers face significant challenges marked by fake listings, poor home viewing experiences, and lack of transparency, often leading to frustration and lengthy buying cycles.
Truva, which currently serves Powai and Bandra in Mumbai, plans to expand to additional areas in Mumbai over the next year.
First published: August 12, 2024 | 20:02 IS
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