Indian proptech startup Landeed announced raising $8.2 million in its Seed funding round backed by Draper Associates, Y Combinator, and Bayhouse Capital.
The company said it plans to grow its existing team and further strengthen its technical infrastructure with the fresh funding. It looks forward to building India’s most comprehensive property title search engine and simplify the process of property due diligence.
“Landeed weaves together multiple government departments across various states producing a ‘plaid-like’ property summary data. Through our application, an individual can verify a property transaction ledger going back 20 years in 2 seconds. To make this happen, we built a standardised interface simplifying the multiple search methods across states into an intuitive and fluid user experience,” said Sanjay Mandava, CEO and co-founder of Landeed.
In 2022, Landeed also had its pre-Seed round that was participated by Justin Hamilton (CEO, Clutterbot), Goodwater Capital, Olive Tree, Manmohan Chandolu, Chris Maurice (Yellow Card), Christian Kaczmarczyk (Third Prime VC), AVCF Fund, and nine Y Combinator alumni.
Since its founding in 2022, Landeed has been helping all parties involved in a transaction to engage, communicate and close deals.
In a statement, Landeed said that they have been able to simplify the multiple search methods across states into an intuitive and fluid experience as they collect all the data that are required by a land owner or buyer to ensure documentation is in order for a particular property.
Mandava said their unique proposition has allowed their company to enjoy impressive revenue growth.
This year, Landeed aims to hire ten more software developers as part of its plan to become an IaaS (infrastructure-as-a-service) provider for all real estate transactions.
According to a report, technology adoption in the real estate industry in India has increased significantly in the last three years, especially after the COVID-19 pandemic hit.
Housing.com also said in a report that India’s proptech companies raised a total of $3.42 billion in private equity funding between 2009 and June 2022.
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