dmg information invests $3 mn in Propstack

Mumbai-based commercial real estate information, analytics and marketing start-up Propstack has received a funding of USD 3 million (over Rs 19 crore) from dmg information Asia Pacific and Real Capital Analytics.
Dmg information Asia Pacific is a subsidiary of Daily Mail and General Trust (DMGT), a British media conglomerate.
"dmg information has made a strategic investment of USD 3 million of Series A funding in Propstack in participation with Real Capital Analytics and aims to increase its business stake in India over the next few years," dmg information Asia Pacific said in a statement.
The funds raised will be used to expand services to other cities of India and launch additional products and strengthen the team, it added.

Set up in 2013, Propstack is a commercial real estate information business and conducts research to help clients analyse, interpret and gain insight into commercial property availabilities, lease and sale transaction comparables and market conditions.
It currently serves corporates, funds, rating agencies, brokers, owners, developers and vendors in Mumbai and will expand its services in Pune, Bangalore, Chennai, Delhi-NCR, Hyderabad and Kolkata.

"Most corporates, developers, landlords and HNIs have become technology-savvy and 'global' in their outlook. This shift will create an increased demand for technology in commercial real estate, which in turn will boost demand for all types of information, including trends and analytics," dmg information Country Head Tej Kapoor said.

DMGI believes that it can bring considerable value to the business and this is what makes Propstack a valuable proposition, he added.
"We look forward to a long and mutually beneficial relationship, as we work to establish our company as the market leader in the provision of property valuation data and technology in India," Propstack co-founder Raja Seetharaman said.