Property developer Lodha Group on Wednesday announced the launch of its maiden investment fund of $7.4 million (Rs 50 crores) for start-ups focused on smart city solutions and overall real estate sector.
The startup investment fund will invest in start-ups at all stages of the development cycle, including early stage startups, which are focused on creating value in the real estate and smart city space in India, the company said in a press statement.
Within real estate, the company will look at all aspects of the value chain, right from digital marketing to analytics and from customer relationship management (CRM) to equipment optimization, it added.
“Demonetization and decline in interest rates alongside the government’s new incentives for low cost housing will boost the overall growth of the real estate sector. To aid this progress, our fund will address the prevailing inefficiencies in the sector with the use of technology and smart solutions,” said Abhishek Lodha, Managing Director, Lodha Group.
“2-3 business ideas have been already vetted and the first round of investments will be completed by March 2017. We are committed towards progress of the sector and will be constantly on the lookout for new opportunities,” Lodha added.
In the first phase, the company will not only provide angel funding or venture capital, but also business opportunities, industry contacts and mentorship, the statement added.
Lodha Group is currently developing around 41 million sq. ft. of prime residential real estate across 31 ongoing projects in London, Mumbai Metropolitan Region, Pune and Hyderabad.