Spyre Proptech to Launch Maiden INR 400 Cr Fund Backed by Venture Catalysts and Neovon The fund will invest in early and growth stage companies with ticket sizes ranging from INR 2 crore to INR 8 crore in early stages and INR 15 crore to INR 40 crore in growth stage series A and B rounds.
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Venture Catalysts and Neovon backed Spyre Prop Tech Venture Fund has announced the launching of first phase of INR 400 crore proptech fund to investment in over 30 Indian startups.
The maiden fund will invest in early and growth stage companies with ticket sizes ranging from INR 2 crore to INR 8 crore in early stages and INR 15 crore to INR 40 crore in growth stage series A and B rounds.
The fund has received an AIF Cat II license from SEBI and an additional INR 400 crore green-shoe option.
CREDAI, the apex body of private real estate developers in India, is backing the first of its kind venture fund.
Boman Irani, President-CREDAI and MD-Rustomjee Group, said, "As part of CREDAI's vision, promoting technology in the Real Estate sector, nurturing change across business operations via adoption and integration of new-age technologies has been our priority. 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 SpyrePropTech's emergence as the leader in this respect."
Spyre has been anchored and co-founded by Neovon, a consortium of leading developers and has committed 20% of fund size as an anchor within the fund.
The management team of Spyre have Murali Krishna as Principal and Abhimanyu Bisht as an Operating Partner.
With over 15 years of expertise in investment, Murali holds a post-graduate degree from UCLA and has established and led both the Kolte Patil family office and Ronnie Screwvala's Unilazer Ventures.
Abhimanyu, who holds an MBA from ISB, led more than 250 investments in more than 100 startups while holding the position of CEO at Venture Catalysts.
Over the decades, the team has been backing successful ventures in the industry including OYO, Innov8, Planet Smart City, Rentmojo, Homeville and more.
