Propdial, Gurgaon-based property management service start-up is in talks to raise INR 25 crore as part of their Series A funding round. The start-up helps NRIs and Resident Indians stay away from their properties by offering a complete constellation of services that include property inspection and reports, tenants’ discovery and on boarding, fully digitised agreement & background check, on-demand maintenance services, and customised dashboards for owners and tenants. By now, it has grown its NRI client base to 55+ countries, with an operational presence across 20 Indian cities while getting deeper into each operational city.
Talking about the development, Vinay Prajapati, Co-Founder & CEO, Propdial, says, “Propdial has built a stronger partnership ecosystem, increased brand recall and digital presence, doubled up on team size and revenue, kicking off short-term rental which is growing > 50% MoM”. “The start-up already has witnessed an impressive growth in revenue, additional services, and Geo expansion on the card; they are on a path to unlock bigger YoY growth,” adds Vinay.
As Property Management Services is a huge but highly unstructured & untapped market opportunity, grabbing the lion share, requires moving fast horizontally as well as vertically on expansion and growth, while continuously improving platform technology to cater to the demand and improve operational efficiency. The technology integration in the real estate sector is fuelling new avenues of growth with Property Management Service getting specifically benefited from it.
As the sector further advances on technology adoption, discovering new use cases, and providing the technology-first experience, the property management segment has emerged as one of the most demanding categories, that led multiple big proptech players to offer property management as a separate vertical for better customer engagement, improved customer experience and more importantly long term ‘active’ association than just browsing & transacting relationship.It will not be an exaggeration to say that Property Management Service has now emerged as a new growth engine for the prop-tech space.
