Anarock plans to raise Rs 1,000 crore to acquire struggling proptech startups

Real estate services firm Anarock is planning to raise Rs 1,000 crore from private equity funds for potential acquisitions of struggling proptech companies, LiveMint reported on Monday citing sources.

The company has reportedly drawn up plans to acquire proptech startups that are struggling to either scale up or are struggling to work out the right economics to make profits.

“Anarock has drawn up plans to raise as much as Rs 700-1,000 crore from private equity funds. The fundraising will be entirely fresh capital and, currently, there is no plan to include a secondary share sale in this round," the report said citing people familiar with the matter.

“The plan is to consolidate the proptech industry by acquiring struggling startups in the space. There are several proptech startups that are struggling to either scale up or are struggling to work out the right economics to make profits.”

The Mint report said that there are multiple acquisition opportunities in the proptech space.

However Anarock founder and former JLL India head Anuj Puri did not comment on the matter.

In January, Anarock acquired Bengaluru-based society and apartment management platform ApnaComplex, which offers society and apartment management services, from NestAway Technologies for an undisclosed amount.

According to the report, Anarock is one of the biggest companies in the proptech space and has an annual revenue of Rs 400 crore.

According to the company statement issued in October, Anarock sold nearly 9,000 units in the first half of 2021, an 80 percent rise from a year earlier period.