 "Funding among Indian startups declined by a marginal 7 per cent in the first nine months of 2024 to $7.6 billion from $8.2 billion during the same period last year.")
hBits, which facilitates fractional ownership of commercial real estate, has raised Rs 40 crore from investors to fund growth plan.
In a statement on Wednesday, hBits said it has raised Rs 40 crore in its Series A funding round from Capricon Realty Private Ltd, an entity of Thackersey Group.
The funds will be used to enhance hBits' AI-driven technology platform, expand its geographical presence, and bring curated, high-value investment opportunities to a wider audience, it added.
The Thackersey Group, with a rich legacy of over 150 years, has been a significant contributor to Mumbai's business and cultural fabric, spanning industries like textiles and real estate.
Raoul Thackersey of the Thackersey Group said, "We always believed in forward-thinking investments that shape industries and communities.
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The SM REIT framework has the potential to democratise access to Grade-A commercial real estate for investors across the country, he added.
hBits platform enables individuals to own shares in Grade-A commercial buildings.
With a minimum investment size of just Rs 10 lakh, hBits ensures that high-quality commercial real estate is no longer restricted to institutional investors.
It also leverages advanced AI technology to analyse market trends, evaluate property performance, and identify the best investment opportunities for its users.
This data-driven approach helps reduce risk, optimise returns, and provide a seamless experience for investors.
Shiv Parekh, Founder and CEO of hBits, said, "This is the mutual fund moment for the real estate industry. Just as mutual funds democratised stock market investing, SM REITs have the potential to make Grade-A commercial real estate accessible to everyone. We believe SM REITs could become as large as mutual funds in the next 10 years, offering investors a stable, high-performing, and transparent way to build wealth." The company aims to triple its Assets Under Management (AUM) from Rs 500 crore to Rs 1,500 crore by the end of the next financial year, driven by the launch of its SM REIT offerings.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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