Zvesta, a proptech company operated by Gurugram-based Shree Aashiyana Online, has raised $5.5 million in a Series A funding round from Hindustan Media Ventures.
The company said in a statement that it will use the capital to build its brand and collaborative marketing for real estate aggregation. Its primary focus is to build partnerships across India and strengthen its technology product, it added.
“Currently, the Indian real estate sector (has come to a) standstill that will be opportune to bigger asset valuation if and only if the real estate market is lured with sane investments with transparency and accountability. Real estate is a deficit of trust, and legitimacy of transactions for brokers, buyers (and) developers will be built through Zvesta,” Rajan Dang, founder and CEO of Zvesta, said.
Founded by Dang and Anushree Srivastava in 2016, Zvesta is a software-as-a-service (SaaS) platform for buyers, sellers, developers and brokers to search, list, advertise, sell, buy and rent properties.
Another proptech company that recently raised funding is Reliance-backed Square Yards, which saw a $20 million investment from media house Bennett Coleman and Co, and Japanese real estate investment company Genkai Capital.
Earlier this month, Square Yards also announced the acquisition of Mumbai-based rental and property management platform Azuro for an undisclosed sum.