Karnataka-based digital broker for resale homes, Settlin has raised $1 Million in pre-series A round funding led by Powerhouse Ventures, and Rajesh Sawhney’s GSF Fund.
The round also saw participation from marquee angel investors such as Murugavel Janakiraman (Founder & CEO, Bharat Matrimony), Dinesh Agrawal (Founder & CEO, IndiaMART) including others.
Settlin provides end-to-end doorstep execution of residential property resale transactions. The Company maintains in-depth and accurate property profiles, physically inspects properties, and manages the entire transaction, including legal verification, home loan, and sale deed.
“The startup plans to use the raised funds for expanding within Bengaluru, and to execute 24,000 visits across Bengaluru in the coming 12 months leading to over 800 property sales worth Rs 600 crore,” the statement said.
Speaking on the funding round, Ashish Srivastava, Co-founder & CEO, of Settlin, said, “Thanks to our team and investors, Settlin is now bridging the gap between lakhs of homebuyers and individual re-sellers through its hyper-local dignified approach which is both standard and personal at the same time. We are re-defining property transactions in all the ways that millions of consumers have dreamt of, many companies before us have promised, but no one could execute.”
“With its conveyor belt approach, Settlin is helping the consumers with an end-to-end doorstep execution of buying/selling resale homes – from online search to offline property inspections to online documentation, legal, loan, and final sale deed registration. The right technology and the capability to execute millions of property inspections across geographies have already made it a market leader in the segment pan India,” the statement added.
Commenting on leading the investment round, Kshitij Golwalkar, General Partner, Powerhouse Ventures said, “Home buying experience in India is extremely fragmented. The experience with the resale of homes is even more broken. Settlin’s digitization of the entire resale process, from curation to transaction, is rapidly changing the home buying and selling experience bringing end-to-end transparency and efficiency.”
Settlin’s strategy is to expand to 11 metro cities, starting with Mumbai, in the next 5 years covering 20% market share in Bangalore and 5% pan India.