Truva raises $3 mn in seed funding led by Stellaris, aims to scale ops
Source: Business Standard
Proptech firm Truva announced that it has raised $3 million (about Rs 25.18 crore) in seed funding led by Stellaris Venture Partners.
The funding round witnessed participation from Peercheque, led by Aakrit Vaish and Miten Sampat, and notable angel investors such as Mukesh Bansal, Ramakant Sharma, Ram Raheja, Ankit Nagori, Lalit Keshre, Natasha Malpani Oswal, Akhil Aryan, Sanjay Mandava, and Indian Silicon Valley (Jivraj Singh).
Truva plans to leverage the funding to expand its team, enhance the product, raise debt for working capital, and scale operations with plans to expand to new markets in Mumbai and other cities.
“With our approach of prioritising buyer experiences, we aim to reduce the overall complexities involved in real estate transactions, thus accelerating the home-buying process. Since the launch earlier this year, we’ve facilitated transactions worth over Rs 30 crore in Powai, Mumbai alone. Our average time to sell a property is 19 days, compared to the market average of 9 months,” said Puneet Arora, co-founder, Truva.
Truva is a proptech firm catering to home buying and selling. Founded in 2023 by Puneet Arora, Monil Singhal, and Ankit Gupta, Truva is dedicated to delivering a seamless home-buying experience. The platform also benefits home sellers by guaranteeing a sale within six months and covering rent until the transaction is finalised.
The residential real estate market across India’s seven major cities is valued at over $100 billion (about Rs 839 lakh crore), with a projection to triple by 2030, with 40 per cent of its growth coming from the resale market.
“With rising disposable incomes and rapid urbanisation, housing demand will continue to expand. To realise the potential of this growing market, we believe that there is a need for significant improvements in the buying experience,” said Ritesh Banglani, partner, Stellaris Venture Partners.
Despite the market’s potential, homebuyers face significant challenges marked by fake listings, poor home viewing experiences, and a lack of transparency, often leading to frustration and prolonged buying cycles.
Currently serving Powai and Bandra in Mumbai, Truva plans to expand to additional areas in Mumbai within the next year.
First Published: Aug 12 2024 | 8:02 PM IST
