In September, it had raised over Rs 500 crore through global investors as the first close of its Property Technology Fund to support start-ups that drive innovation and efficiency. affordable housing Ecosystem
HDFC Capital has selected these 15 start-ups through the HDFC Tech Innovators program in association with the Government of India, other leading global and Indian funds, academia and industry associations to identify the most innovative proptech companies.
“We have observed that the degree of absorption and adoption of technology in the real estate sector has so far been slow compared to other infrastructure sectors. Platforms such as HDFC Capital’s housing and real estate technology platform are essential for the real estate industry, which is the second largest employer in India and is expected to contribute 13% to the GDP in 2030,” said Hardeep Singh Puri, Central Housing and Urban Affairs Minister said.
According to him, these efforts to drive technology adoption in Indian real estate will encourage more start-ups to target more disruptive innovations and further strengthen the country’s housing ecosystem.
“We at HDFC strongly believe that technology will play a key role in developing a sustainable, efficient real estate ecosystem and meeting India’s ‘Housing for All’ goal. H@ART is a unique initiative for real time interaction between Demand (industry), supply chain (start-ups) and financiers to accelerate technology adoption in the built world,” said Deepak Parekh, chairman, HDFC.
The HDFC Real Estate Tech Innovators 2022 Challenge, which was organized in partnership with Startup India, received an overwhelming response with over 537 start-ups categorized under project management and construction technology, merchandising and fintech. and stability techniques.
“The next area ADIA sees Proptech disrupting is residential real estate. We need to adopt proptech to reduce costs, improve productivity and increase sales. We believe PropTech will accelerate ADIA and HDFC’s objective of funding the development of one million homes in India.”
This will be an ongoing initiative to identify and partner with innovative technology companies in the affordable housing segment. The HDFC group unit has already made a few investments including HomeExchange, Loyalie, and Monsoon Credit.
Vipul Roongta, MD & CEO, HDFC Capital, said, “H@ART provides a seamless platform for all stakeholders, including global investors, developers, start-ups and vendors, to bring together the latest innovations to develop sustainable and smart affordable homes in India. technology and financing innovations can be harnessed.” Advisor.
While proptech in India is still in its infancy, the scope for growth and development is high. The number of proptech start-ups in India has increased by 48% post the pandemic but still only accounts for 6% of the total recognized startups in the country. Out of around 65 unicorns created in India last year, only 1-2 were in the proptech sector.
Industry estimates suggest that the real estate sector in India will grow from $200 billion in 2021 to $1 trillion in market size by 2030 and contribute about 13% of India’s GDP by 2030. The Indian proptech sector is expected to see exponential growth over the next few years, to see investments of $741 million in 2021.