The maiden fund is set to invest in early and growth stage companies with ticket sizes ranging from Rs 2-8 crore in early stages and Rs 15-40 crore in growth stage series A and B rounds.
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The fund has obtained a category II alternative investment fund (AIF) approval from the capital market regulator Sebi along with an additional green-shoe option of Rs 400 crore, increasing its flexibility. The Confederation of Real Estate Developers Associations of India (CREDAI), real estate developers’ body, is backing this venture fund.
“To be a part of the next tech disruption, it is imperative to promptly participate in the evolutionary process. The ambit of technological advancements in the real estate sector is vast, and we are excited to witness Spyre PropTech’s emergence as the leader in this respect. We look forward to working with proptech startups, making it a win-win for all,” said Boman Irani, president, CREDAI.
These investments will support innovative technology startups working towards propelling the real estate sector into the future. Spyre has been anchored and cofounded by Neovon, a consortium of developers and has committed 20% of fund size as an anchor within the fund.
“As a consortium of developers, we believe that the only way to find success is to build a win-win situation for proptech startups, and the industry as whole. Backed by the industry, this fund will have the perfect edge, leading to empowerment, innovation, and unprecedented growth,” said Neovon, the Co-Founder, Binitha Dalal.
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Venture Catalysts, India’s first multi-stage venture capital firm, is the seed investor and co-sponsor of Spyre. With a decade-long experience of supporting over 250 startups, it has backed leading Proptech companies, establishing a diverse portfolio“Proptech is a whitespace we identified which offers tremendous opportunities for Indian entrepreneurs. India already has 6 unicorns in the segment yet we don’t have a focused fund for the sector. We are building Spyre from day one with a team and investors that have relevant expertise for building India’s First PropTech-only fund,” said Anil Jain, General Partner, Spyre Proptech Venture Fund.
The management team at Spyre has more than three decades of combined experience, with Murali Krishna as Principal and Abhimanyu Bisht as an operating partner.
Murali, a post-graduate from UCLA, has over 15 years of investing experience including establishing and leading Kolte Patil family office and Ronnie Screwvala’s Unilazer Ventures. Abhimanyu, an MBA from ISB, previously served as CEO of Venture Catalysts, leading more than 250 investments in over 100 startups.
Over the decades, the team has been backing ventures in the industry including OYO, Innov8, Planet Smart City, Rentmojo, Homeville, and more.
