Landeed, a proptech start-up, has raised $8.3 million in the seed round, led by investors such as Draper Associates, Y Combinator, and Bayhouse Capital.
“We would like to build India’s fastest and most comprehensive property title search engine,” Sanjay Mandava, CEO and Co-Founder of Landeed, said.
“We will use the proceeds to hire fresh talent into the company and strengthen the technological infrastructure,” he said.
Quoting research reports, the Hyderabad-based start-up said the country’s real estate market was expected to cross the $1-trillion mark by 2030.
The company said it would hire ten more software developers to help it become an IaaS (infrastructure-as-a-service) provider for all real estate transactions.
“Landeed weaves together multiple government departments across various States producing a ‘plaid-like’ property summary data. Through our application, an individual can verify a property transaction ledger going back 20 years in 2 seconds,” he claimed. To make this happen, the start-up has built a standardised interface, simplifying the multiple search methods across States to offer an intuitive user experience.
It collects all the data that is required by a land owner or buyer to ensure everything is in order with a particular property.
Landeed had raised a pre-seed round about six months ago from investors like Justin Hamilton (CEO of Clutterbot), Goodwater Capital, Olive Tree, Manmohan Chandolu and Chris Maurice (CEO of Yellow Card).