Spyre PropTech Venture rolls out the first phase of Rs 400 crore fund

Spyre PropTech Venture fund, backed by Venture Catalysts and Neovon, is set to launch the first phase of its Rs 400 crore proptech fund aimed at enabling major investments in over 30 Indian startups.

The maiden fund is set to invest in early and growth stage companies with ticket sizes ranging from Rs 2-8 crore in early stages and Rs 15-40 crore in growth stage series A and B rounds. The fund has obtained an AIF Cat II license from SEBI, bolstered by an additional green-shoe option of Rs 400 crore.

Venture Catalysts, a multi-stage venture capital firm, is the seed investor and co-sponsor of Spyre. CREDAI, the apex body of private real estate developers in India, is backing the venture fund.

“To be a part of the next tech disruption, it is imperative to promptly participate in the evolutionary process. The ambit of technological advancements in the real estate sector is vast, and we are excited to witness Spyre PropTech’s emergence as the leader in this respect. We look forward to working with proptech startups, making it a win-win for all,” said Boman Irani, President - CREDAI and Managing Director - Rustomjee Group.

Spyre has been anchored and co-founded by Neovon, a consortium of leading developers and has committed 20 per cent of the fund size as an anchor within the fund.

“As a consortium of developers, we truly believe that the only way to find success is to build a win-win situation for proptech startups, and the industry as a whole. Backed by the industry, this fund will have the perfect edge, leading to empowerment, innovation, and unprecedented growth,” said Binitha Dalal, co-founder, Neovon.

Anil Jain, General Partner, Spyre PropTech Venture Fund, said proptech is a “whitespace” which offers tremendous opportunities for Indian entrepreneurs. “India already has six unicorns in the segment yet we don't have a focused fund for the sector. We are building Spyre from day one with a team and investors that have relevant expertise for building India's First proptech-only fund.”