New Delhi, February 2022: Homegrown prop-tech startup POPT has raised funds at a pre-seed valuation of $2 mn from two Canada-based angel investors—MRW Ventures & Riar Holdings. Notably, seven other Indian angel investors also participated in the initial round of funding. Founded by Manpreet Singh in December 2021, this Chandigarh-based company is bringing in the most awaited tech solutions in the real estate sector to help buyers, investors find the right property seamlessly and is also aligning and graduating the perspective of sellers, promoters and buyers. POPT focuses on standardization, indexing, positioning and valuation of a property on the basis of quantification of lifestyle, luxury and experiential factors.
Companies who have invested funds as FDI in POPT for initial stakes are bullish on POPT and see the valuation soaring to 20 times within a year of its official launch. For now, the company will use its initial funds for research & development activities, statistical analysis, standardization, and to build a full-stack SAAS-based IT solution for retail buyers and sellers, developers, agents and real estate companies. Additionally, the existing features like listing, filtering and searching, marketplace, and related sector services will be included with better look and feel. On the business and revenue front, POPT is working to set up aggressive and innovative USPs and will divulge its business model for agents, developers, bankers, retail buyers and sellers, to position itself for services in the housing, rentals and commercial property sector.
“After extensive research we have figured out that the new generation of real estate buyers have a global perspective and are willing to go ahead and even flip their current residences if they can find the right fit. For them, POPT is making online property search easy, personalized and hassle-free by bringing a high level of comfort and ease to all stakeholders in the real estate sector. Going a step ahead, POPT also solves the problem of massive guesswork done by everyone including developers, dealers, agents, marketers, consultants, designers, financers, service providers, retail buyers and sellers. We are really grateful towards the investors for showing their confidence in us. This is just the beginning and POPT will definitely emerge as a gamechanger in the proptech segment,” said Manpreet Singh – Co-Founder & Managing Director – POPTSCAN Realty Private Limited.
POPT also addresses the challenge of finding a right fit at the right time and place within the budget of customers. It also eases and simplifies the experience of online property search, buying, selling or even listing a home which has so far remained complex, confusing and cluttered. It also brings about more understanding among investors on investing in real estate by focusing on missing links such as lack of transparency, the fear factor of flipping to find the right fit property, the ticket size and the prevalent systems of delivery, documentation and services.