Gurugram-based M Services, which operates asset management startup MPowered, has raised $21 million in its first funding round, dubbed a pre-Series A round, from a group of high net worth individuals (HNIs) from the US.
The fresh capital from the round, which was led by serial entrepreneurs Ashok Nichani and Shelly Nichani, will be used to take on new verticals of real estate such as warehousing, residential and commercial spaces, as per a statement. The firm will also develop technology solutions that will enable ease of use in day-to-day real estate transactions and management, it added.
The firm did not name the other investors in the round.
“This fundraise will be a great head start to MPowered’s journey as India’s most futuristic asset management firm that converges deep-rooted understanding of Indian real estate and thorough knowledge of global real estate concepts from countries, including USA, Canada, Germany, Poland and the UK, among others,” Sudeep Singh, founder and CEO of MPowered, said.
Singh launched MPowered in June 2020 along with Bhavna Juneja. The firm claims to help property owners convert their real estate liabilities into income-generating assets. The brand envisions converting unutilised real estate into A-grade facilities by investing in them and implementing its various models on the properties as per the fitment in terms of size, location and infrastructure.
“We strongly believe in MPowered’s value proposition as a business and its fitment in the Indian market where organised asset management is still fairly nascent and unexplored. MPowered brings to the table end-to-end solutions for landlords and property owners who may lack the time, knowledge or skills to put their real estate assets to good use and yield high returns on it,” lead investor Nichani said.