dmg information has made a strategic investment of $3 million of Series ‘A’ funding in Propstack in participation with Real Capital Analytics and aims to increase its business stake in India over the next few years.
Established in 2013, Propstack is a commercial real estate information business based in Mumbai. Propstack conducts extensive, on-going research on commercial buildings in India, enabling clients to analyse, interpret and gain insight on commercial property availabilities, lease and sale transaction comparables and access the market conditions. It currently serves a wide variety of professionals working in corporates, funds, rating agencies, brokers, owners, developers and vendors in Mumbai and will soon expand its services to the commercial real estate hubs of Pune, Bangalore, Chennai, Delhi-NCR, Hyderabad and Kolkata.
Propstack is based on an online subscription model that provides a diverse range of information catering to all commercial real estate research requirements. This includes detailed building information, analytics, client stacking, availability/vacancy details, transaction details and trends.
The funds raised will be used to expand further the Propstack services to other cities of India and launch additional products and strengthen the team.
Commenting on this outlay with Propstack, Tej Kapoor, Country Head of dmg Information said, “Most corporates, developers, landlords and HNIs have become technology savvy and ‘global’ in their outlook. This shift will create an increased demand for technology in commercial real estate, which in turn will boost the demand for all types of information including trends and analytics. With deeper involvement of institutions like DMGI through Funds, we are expecting seamless data and information transfer globally. DMGI is taking this as an incredible opportunity to touch base with the country’s commercial real estate market. With our knowledge of the commercial real estate markets and the similarity of Propstack’s services to those provided by other DMG Information companies, we believe we can bring considerable value to the business and this is what makes Propstack a valuable proposition.”
Raja Seetharaman, Co-Founder, Propstack said, “It is a great moment in the Propstack story for us to have an investor such as DMGT. We look forward to a long and mutually beneficial relationship, as we work to establish our company as the market leader in the provision of property valuation data and technology in India.”