In a significant move within the proptech space, Spyre PropTech Venture Fund is gearing up to launch its maiden fund, backed by leading investors Venture Catalysts and Neovon. The fund, with a corpus of Rs 400 crore, aims to invest in over 30 early and growth-stage companies, signaling a robust commitment to the proptech ecosystem.
The fund’s investment strategy includes ticket sizes ranging from Rs 2 crore to Rs 8 crore for early-stage companies and Rs 15 crore to Rs 40 crore for growth-stage Series A and B rounds. With an alternative investment fund II license and an additional green-shoe option of Rs 400 crore, Spyre PropTech Venture Fund is poised to make a substantial impact on the proptech landscape in India.
Venture Catalysts, a multi-stage venture capital firm, is not only the seed investor but also the co-sponsor of Spyre. CREDAI, the apex body of private real estate developers in India, is supporting the fund, highlighting the industry-wide significance of this initiative.
Boman Irani, President of CREDAI and MD of Rustomjee Group, emphasized the importance of embracing technological advancements in the real estate sector. “To be a part of the next tech disruption, it is imperative to promptly participate in the evolutionary process. We look forward to working with proptech startups, making it a win-win for all,” he stated.
Neovon, a consortium of real estate developers and a co-founder of Spyre PropTech Venture Fund, has committed 20% of the fund size as an anchor. Binitha Dalal, Co-founder of Neovon, emphasized the importance of creating a win-win situation for proptech startups and the industry as a whole.
The management team at Spyre includes Murali Krishna as the principal and Abhimanyu Bisht as the operating partner. Krishna, with over 15 years of experience in investment management, has established and headed the Kolte Patil family office and Ronnie Screwvala’s Unilazer Ventures. Bisht, who holds an MBA from ISB, previously served as the CEO at Venture Catalysts, spearheading more than 250 investments in over 100 startups.
The launch of Spyre PropTech Venture Fund signifies a new chapter in proptech investment in India, bringing together industry leaders and investors to foster innovation, empowerment, and unprecedented growth within the sector.
