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Property consultant India Sotheby's International Realty on Sunday said it has made a strategic equity investment in Mumbai-based data analytic firm CRE Matrix to offer more and better advisory services to its clients.
The company did not disclose the amount it has invested and the percentage of the stake it has acquired in CRE Matrix.
When contacted, Abhishek Kiran Gupta, CEO and co-founder, CRE Matrix, told PTI, "We have raised Rs 5.5 crore from India Sotheby's International Realty. We had earlier raised Rs 2 crore from angel investors".
The amount will be used to expand business in more cities and hire people, he added.
In a statement, India Sotheby's International Realty (ISIR) said it has made a strategic investment to "increase synergies, improve data processing and sharpen analytical skills in the property market".
This will enable the company to draw on analytics of CRE Matrix in residential- commercial real estate and undertake more analytics-based transactions and advisory services.
The ISIR will provide CRE Matrix valuable inputs and insights on product development, with its vast domestic and international client interface experience.
Gupta said the ISIR has picked up a minority equity stake in the CRE Matrix but did not share the exact shareholding.
"I see tremendous synergy in this association, not only from a complimentary business perspective but also on the highly competent and supplementary human capital strength," he added.
The two brands together will create many new systems, products, services for each and all stakeholders within the proptech eco-system, he added.
"CRE Matrix will enhance our ability to bring new products to the market using big data, deep learning and natural language processing (NLP) technologies to store, retrieve and analyse billions of data points across millions of Pan-India real estate transactions," said Ashwin Chadha, president, India Sotheby's International Realty.
Chadha noted that globally real estate investment decisions are backed by substantial transaction analytics.
"CRE Matrix's ability to compile and collect data on buying, selling and leasing trends in a specific area, traffic, demographic information, consumer survey results and cutting-edge analytics will help ISIR to offer better insights on pricing, home-value trends, and potential value in certain high-value neighbourhoods," Chadha said.
Sotheby's International Realty (SIR) is present in 79 countries and territories with 1,000 offices and 25,000 sales associates. It has achieved a record real estate global sales volume of USD 204 billion in 2021.
The brand established its presence in India by setting up its first office in New Delhi in July 2014.
It has now offices in Delhi, Mumbai, Kolkata, Bangalore, Goa, Colombo and the mandate for the Maldives.
CRE Matrix is a deep analytics platform for commercial and residential real estate. It offers data over a cloud-based platform.
CRE Matrix provides data on commercial real estate (office, retail and warehousing) across eight major cities.
In the housing segment, it collects data of both primary and resale markets in major cities of Maharashtra, including Mumbai and Pune.
The company plans to collect and provide data of only resale housing markets of other major cities.
Recently, HDFC acquired a 7.2 per cent stake in proptech startup Loyalie IT Solutions Pvt Ltd (now renamed as Reloy) for Rs 1.1 crore.
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