Proptech Startup Landeed Bags INR 19.5 Cr For Its Property Title Search Engine
Landeed ,a proptech startup based in bangalore has bagged INR 19.5 Cr ($2.5 Mn) in Pre-Seed round of funding led by Justin Hamilton, Clutterbot’ CEO, CRED’s Kunal Shah, Chris Maurice of Yellow Card, and Christian Kaczmarczyk of Third Prime VC. Angel investors Manmohan Chandolu, and nine other Y Combinator alumn, among others, also took part in the funding round.
The proptech startup plans to utilise the current funds to expedite product improvement and construct a complete and standardised property documentation retrieval system
Landeed’s property title search engine aims to speed up the procedure in India, where land ownership has traditionally been governed by the “presumptive ownership” concept and a property buyer undertakes due diligence without ever seeing a single title document.
The startup sees potential in working in the sector more broadly than simply the title insurance vertical, which was just introduced in India and has a market size of close to $25 billion dollars in the US.
In a joint statement Landeed founders ZJ Lin, Sanjay Mandava, and Jonathan Richards said.
“We believe there [is] a lot larger segments to tap in India beyond title insurance and in the coming months, we are planning to enable property title embedment on the blockchain,”
The real estate sector, which is expected to grow to a $1 Tn size by 2030 from a projected $200 Bn in 2021, has already been affected by these Indian proptech players. By 2025, the GDP of India’s real estate market is projected to increase to 13%.
Proptech Startup Landeed Bags INR 19.5 Cr For Its Property Title Search Engine. Congratulations to the entire team. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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