Mumbai and Ahmedabad-based tech-enabled real estate startup Zipgrid have secured $500K Pre-Series A round of funding from 1Crowd and JLL India. The startup, run by MyAashiana Management Services Pvt. Ltd provides technology and knowledge services to housing and commercial communities.
With the raised fund, the startup plans to upgrade its existing technology and operations. It will also use the fund to launch a range of collective commerce solutions for its users.
Jaydip Popat, Co-founder of Zipgrid says, “We are delighted to partner JLL, a global real estate leader in Property and Asset management services. We intend to combine our technology and management solutions with JLL’s network and understanding of this space to improve living experiences in communities while bringing significant economic benefits to residents. We are also thankful to 1Crowd for their continued support and participation in this round. It is a significant vote of confidence for us.”
There is an estimate of over 35 million households reside in organized communities in the top 50 city clusters in India. This platform represents a market opportunity of over US$ 2 bn and is slated to grow aggressively as such households increase to over 100 mn by 2025. Zipgrid’s service model dovetails very favorably with the strict norms enforced by RERA and also addresses a market opportunity that will transcend beyond India into Asia Pacific with the support of the global JLL platform.
“The asset management space is transitioning into a managed services model where technology is starting to play a major role,” says Anuj Nangpal, Head – JLL Technology Ventures.
“We aim to partner with technology platforms with flexible architectures that can integrate with best-in-class technology tools. Zipgrid’s tech-enabled property and asset management platform offers a seamless experience for residents, society managements and the property managers. This platform is significantly more matured than any similar options on the market, and we are keen to implement this solution in residential and commercial complexes across the APAC region,” he further added.
Jaydip Popat and Kunal Gupta, the duo co-founded Zipgrid in late 2013. The platform provides an end-to-end service to their customers across a diverse range such as finance, compliance, and administration like billing, maintenance of registers among others. It provides software to housing societies and acts as an outsource management organization. The startup had earlier raised $200 K in equity financing from 1Crowd in August 2016.