UAE-based venture capital and private equity firm Idein Ventures has backed REstate, a startup a tech-based land bank which works with landowners and builders to fund building projects.
Founded just one month ago, the company is currently based in Bangalore and Hyderabad. It says it will use the undisclosed sum to hire talent from local and global markets.
REstate uses data analysis and market research to decide the appropriate construction on a land, associated with it and then finances mid sized builders, architects and designers to orchestrate the construction accordingly.
It also uses its data and research to help create buyers for construction units prior to construction.
Co founders include private equity investors Rajeshwar Prasad, Mahesh Vellaboyina and Ashwin Srivastava, who is also co-founder and director of Idein Ventures.
SBI former Vice President Ashok Vardhan is another member of the REstate leadership team.
Srivastava, who will provide support and be responsible for advising and monitoring the company's strategies says its vision is to help provide builders with a national brand they currently lack due to their local focus and presence.
"We also help landowners get liquidity and fair value for their land. The timing is right for such an entity when UAE is moving aggressively in its investments in India,” he says.
Inc42 says REstate has created an offline team and is finalising projects worth multi-million USD in Bangalore. It soon plans to have a combined online and offline presence to execute its strategies.
In the realty sector, Idein Ventures has previously invested in BuildTraders, a building material trading company, and Infurnia, a furniture personalisation company, the report says.