India Digest: Brigade Group to back Snaptrude, Practo stakeholders eye exit

Brigade Enterprises Ltd will invest an undisclosed amount in Snaptrude along with other developers. In other news, some of Practo Technologies’ stakeholders are looking to sell their shares.

Brigade Group to invest in Bangalore-based Snaptrude

Realty developer Brigade Enterprises Ltd will invest an undisclosed sum in Snaptrude Technologies Pvt. Ltd, an intelligence-enabled rapid modeling platform for real estate.

Snaptrude was founded by Altaf Ganihar in 2015. It converts hand-drawn sketches and floor plans to 3D models instantly.

The investment was announced at the graduation event of Brigade Group’s accelerator programme Brigade Real Estate Accelerator Program (Brigade REAP).

“The first cohort of REAP saw success, with three of the four graduating startups getting funded. The fourth startup is currently in the process of closing its funding. The real estate industry is opening up to tech adoption as the potential for tech to improve operational efficiency is undeniable. Our role at REAP is to ensure that the startups curated during the programme are ready to tackle pressing issues of the industry,” said Nirupa Shankar, director, Brigade REAP.

Practo’s stakeholders looking to sell stake

Some shareholders of Bengaluru-based digital healthcare platform Practo Technologies are looking to sell their shares.

Boutique advisory firm Gravitas Advisory has been mandated to search buyers. It is estimated that the stake on offer could be sold for about $12 million (about Rs 80 crore), The Economic Times reported citing people familiar with the development.

“Total approved secondary sale for common stock of well under $500,000 is currently under consideration by individuals,” one of the sources told the newspaper.

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