Prop tech startup Zapkey that helps its customers with guaranteed home sales, has secured $2 million in a funding round led by Nikhil Kamath and Abhijeet Pai-backed Gruhas Proptech.
The Seed funding round also saw participation from the DLF Family Office, Blume Founders Fund, the Alkem Labs Family, Aprameya Radhakrishna, co-founder of Koo, Srini Sriniwasan, MD at Kotak Investment Advisors, and other individual investors, according to a statement on Wednesday.
''We intend to use this funding to strengthen our technology and operations teams. Our initial program has been launched in Thane (Mumbai) and we aim to close deals on over a hundred apartments in the next 3-4 months, supported by a credit line,'' said Shubhankar, co-founder of Zapkey.
Founded in 2020, by Shubhankar Dongre, Sandeep Reddy and Raja Seetharaman, Zapkey has a unique model that provides its customers with guaranteed home sales within three months of the listing date, or they buy the property themselves.
Its pricing is driven by proprietary algorithms which track over 30 lakh property registration records, thereby ensuring a fair market price and transparency in sales.
The company's vision is to become the one-stop online solution that aims to bring liquidity to the difficult resale home market by providing trust, transparency in pricing, and the best home selling experience to its customers.
''The resale home space is over a $50 billion market. The sheer scale that this market presents is an incredible opportunity. We believe Zapkey has the perfect team and motivation to take advantage of this opportunity and we have full conviction in backing them,'' Abhijeet Pai, partner at Gruhas Proptech, said.
Rahul Talwar of the DLF Family Office said over 300,000 resale homes exchange hands in the top 7 cities annually.
''Technology is enabling fantastic experiences in every trade around us. I'm excited to be partnering with Zapkey on this opportunity,'' Talwar said.
(With inputs from PTI)