Indian prop-tech startup MicroMitti has successfully raised Rs 90 crore in a significant funding round. This investment, secured from a group of prominent local High Net-Worth Individuals (HNIs), family offices, and influential business leaders in Indore, will propel the company’s growth trajectory and fuel its global expansion plans.
The funding round comprises two key tranches:
- Seed Round: Rs 17.06 crore invested in MicroMitti’s holding firm, supporting the development of innovative real estate investment vehicles like SM REIT, AIF, and PE funds, making real estate investments more accessible to the common man.
- Project Funding: Rs 72.94 crore strategically allocated to MicroMitti’s Special Purpose Vehicles (SPVs) overseeing iconic projects in Indore, designed in collaboration with renowned architect Sanjay Puri.
Global Expansion with MicroMitti Inc.
MicroMitti’s ambitions extend beyond Indian borders with the launch of its U.S. arm, MicroMitti Inc. This strategic move aims to attract global investors and foster international collaborations in the realm of innovative property investments. By replicating its successful Proptech model in key global markets, MicroMitti Inc. seeks to revolutionize real estate investments on an international scale.
Fueling Growth and Innovation
According to Founder & CEO Manoj Dhanotiya, the raised capital will be instrumental in:
- Expanding the Proptech Platform: Investing in cutting-edge AI-driven analytics and automation to enhance efficiency and streamline operations.
- Funding Large-Scale Developments: Supporting ambitious real estate projects designed to generate long-term wealth for investors and contribute to sustainable urban development.
Strategic Partnerships for Excellence
MicroMitti’s success is underpinned by a strong network of strategic partnerships. The company has forged alliances with leading players in the industry, including:
- JLL: A global real estate consultancy firm providing comprehensive project management and advisory services.
- Sanjay Puri Architects: Renowned for architectural excellence, ensuring that MicroMitti’s projects stand out in terms of design and aesthetics.
- Top-Tier Law Firms: Guaranteeing legal compliance and adherence to the highest industry standards across all developments.
Key Projects and AUM
MicroMitti’s portfolio boasts several prominent projects, including CyberCity (Indore), Indore Fintech Park, Selene Residential Tower, and the Madhuvan Project. The firm’s current Assets Under Management (AUM) stand at Rs 700 crore, significantly bolstered by land contributions from investors. With a targeted asset sale value exceeding Rs 2,500 crore within the next 3-5 years, MicroMitti is poised for significant growth and market impact.
This funding round marks a significant milestone for MicroMitti, solidifying its position as a leading player in the Indian prop-tech landscape. With its innovative approach, strong leadership, and strategic partnerships, MicroMitti is well-positioned to revolutionize the real estate investment landscape both domestically and internationally.
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