hBits, a Maharashtra-based proptech startup, raises an undisclosed amount in a seed funding round from several eminent angel investors and others on 5 October 2021.
Investors: Several prominent angel investors contributed to the latest round of funding namely Ambit founder Ashok Wadhwa Family Office, Patni Family Office, Managing Director of an International Property Consultant, Tushar Mehendale, Amith Agarwal, Haptik co-founder Aakrit Vaish, Amitabh Nagpal (AWS Head of Startup Ecosystem), Shree Naman Group, Skillmatics founder Dhvanil Sheth Arjun Vaidya.
The Objectives behind the funding: The company plans to deploy the latest proceeds to strengthen technology and focus on customer acquisition.
About hBits
Incepted in 2019 by Shiv Parekh, an alumnus of Harvard Business School and Stanford University, hBits is India’s leading fractional commercial real estate platform with over 20000 registered users, 500 registered channel partners and has assets under management of more than USD 13.42 million (INR 100 crores). The startup has an investor base expanding across India as well as in Singapore, Gulf, Europe, UK and USA.
[ 1 USD = 74.52 INR ]
What the Founder has to say:
Talking about the growth, Shiv Parekh, Founder, hBits said, “Fractional ownership is a new concept in formal set up but the concept existed in the country for many years. We are focusing on popularizing the concept and offering best properties with high returns to build the trust of the investment community. As a company, we have grown at a good pace and hope to continue our success rate. We would like to thank our investors for keeping faith in our capabilities. The time is ripe to invest in commercial real estate and Fractional Ownership is one of the safest investments to own a pie in the grade A assets. Consumers can not only earn handsome monthly returns but also receive appreciation in the value of capital invested.”
What the Investor has to say:
Karan Wadhwa of 9advisors (family office of Ambit group CEO Ashok Wadhwa ) said, “We are looking for disrupters of conventional business models that have remained unchanged for long gestations . hBits’s tech enabled solution has shown immense business growth in the last one year making it a promising company which can change the face of commercial real estate .We have full faith in their capabilities and look forward to kickstarting this journey with them.
What the Director has to say:
Ankush Ahuja, Director, of Business Development and Investment hBits, “We are in the process of closing a few more properties in the coming quarters to add value to our investors. The returns offered by our grade A commercial real-estate assets are better than many investment tools and comparatively our asset class is safer than many investment instruments available in the market with steady returns. The investors can have a pie of a commercial Grade A asset with an investment of INR 25 lakhs which can help them plan their future.”
The Indian real estate market is expected to hit USD 1 trillion by 2030 and contribute 13% to the country’s GDP by 2025. Increasing population in India and scarcity of land helped boost the concept of fractional ownership of CRE in India.
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