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Spyre PropTech Venture Fund To Launch First Phase Of Rs 400 Crore Proptech Sectoral Fund

Backed by Venture Catalysts and Neovon it is targeting investments in over 30 startups in the next three years

Spyre PropTech Venture Fund To Launch First Phase Of Rs 400 Crore Proptech Sectoral Fund

Outlook Start-Up Desk

POSTED ON February 22, 2024 9:37 PM

Spyre PropTech Venture fund, backed by Venture Catalysts and Neovon, will launch the first phase of Rs 400 crore prop tech sectoral fund.

The maiden fund is set to invest in 30 early and growth stage companies with ticket sizes ranging from Rs 2 crore to Rs 8 crore in early stages and Rs 15 crore and Rs 40 crore in growth stage series A and B rounds. 

The fund has obtained an AIF Cat II license from SEBI, bolstered by an additional green-shoe option of Rs 400 crore, enhancing its flexibility in the dynamic investment landscape. CREDAI, the apex body of private real estate developers in India, is backing this venture fund. 

Boman Irani, president of CREDAI and MD of Rustomjee Group stated, “As part of CREDAI’s vision, promoting technology in the real estate sector, nurturing change across business operations via adoption and integration of new-age technologies has been our priority.

CREDAI has been hosting discussions on the important aspect of PropTech over the years and through this fund aims to convert these discussions into action.  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.”

Spyre has been anchored and co-founded by Neovon, a consortium of developers and has committed 20% of fund size as an anchor within the fund. Speaking on behalf of Neovon, co-founder, Binitha Dalal said, “Backed by the industry, this fund will have the perfect edge, leading to empowerment, innovation, and unprecedented growth.”

Anil Jain, general partner of Spyre Proptech Venture Fund said, "Prop tech 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.”
Spyre’s management team brings over three decades of combined experience, with Murali Krishna as Principal and Abhimanyu Bisht as an Operating Partner leading the way. 

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