Settlin, a digital broker for resale homes, has raised $1 million in a pre-series A round from Powerhouse Ventures, Rajesh Sawhney-founded GSF Fund, and marquee angel investors Murugavel Janakiraman (Founder & CEO, Bharat Matrimony), Dinesh Agrawal (Founder & CEO, IndiaMART) and others.
Settlin said in a statement that it plans to use the funds for expanding within Bengaluru. It aims to execute 24,000 visits across Bengaluru within the next 12 months, leading to over 800 property sales worth Rs 600 crore.
The company claims it has grown 4x during the past two quarters and is currently helping over 5,000 prospective buyers do 1,200-plus property inspections every month.
Ashish Srivastava, Co-founder & CEO, Settlin, says, “The residential resale market is three times that of new houses, and holds the key to organising the entire real estate transactions industry. Settlin is now bridging the gap between lakhs of homebuyers and individual resellers through its hyperlocal gigified approach, which is both standard and personal at the same time."
Srivastava clained his firm is redefining property transactions in all the ways that consumers have dreamt of, and which many companies before Settlin have promised, but have been unable to execute.
With its conveyor-belt approach, Settlin is helping consumers with an end-to-end doorstep execution of buying/selling resale homes--from online search to offline property inspections to online documentation, legal, loan and final sale deed registration.
Kshitij Golwalkar, General Partner, Powerhouse Ventures, said, “The home-buying experience in India is extremely fragmented. The experience with the resale of homes is even more broken. Settlin's digitisation of the entire resale process, from curation to transaction, is rapidly changing the home-buying and selling experience, bringing end-to-end transparency and efficiency.”
Settlin’s strategy is to expand to 11 metro cities, starting with Mumbai, over the next five years. It aims to capture 20 per cent of the market share in Bengaluri and five per cent pan India.