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Digital Real Estate Exchange ALT DRX Raises $3.6 Million

The company bagged $1.6 million in equity and $2.0 million in callable mezzanine debt for co-investing into real assets

Digital Real Estate Exchange ALT DRX Raises $3.6 Million
POSTED ON March 22, 2023 4:33 PM

Bengaluru-based start-up ALT DRX has raised $3.6 million in a seed funding round. The rebound saw the participation of senior professionals from the Development Bank of Singapore, Ernst & Young, HSBC, Volvo and Salesforce. Additionally, one Indian law firm, some start-up founders and family offices also joined the round. 

The company bagged $1.6 million in equity and $2.0 million in callable mezzanine debt for co-investing into real assets. 

Founded by senior professionals from investment banking, real estate and technology, ALT  DRX has launched a digital real estate marketplace, which allows Indians to invest in dematerialised real estate, one square foot at a time. This is aimed at solving the liquidity problem in mid-size real estate assets and allowing capital to move into rent-yielding assets like rental housing, hostels, care homes, holiday homes, schools, industrial warehousing, high-street retail, hotels and managed offices. Additionally, it has also set up a development management company to build income-generating alternative real estate. 

"These tradeable digital assets can then be bought, held, traded at real-time prices and settled instantaneously between pre-qualified, KYC-compliant registered users of the company. The platform uses a centralised blockchain-based ledger protocol which restricts the transfer of these digital assets to foreigners, while attempting to build user credibility, by using zero trust architecture", said ALT DRX's co-founder and CTO, Sachin Joshi.

"Access to real estate has always been only for the more privileged amongst us, due to the larger amount of savings that are required to buy them. Democratisation of Real Estate ownership by dematerialising it empowers everyone to co-own high-quality residential as well as commercial real estate that is managed by professionals," said Avinash Rao, the founder of ALT Realtech

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