Settlin, a digital broker for resale homes, has raised $1 million in a pre-series A funding round led by Powerhouse Ventures, Rajesh Sawhney founded GSF Fund, and marquee angel investors Murugavel Janakiraman (Founder & CEO, Bharat Matrimony), Dinesh Agrawal (Founder & CEO, IndiaMART) and others.
Settlin provides end-to-end doorstep execution of residential property resale transactions. The startup maintains in-depth and accurate property profiles, physically inspects properties, and manages the entire transaction, including legal verification, home loan, and sale deed.
According to the statement, the raised capital will be used to expand its presence in Bangalore and digitize the operations further. The startup plans to launch its operations in Mumbai in the next 6-9 months. It aims to execute 24,000 visits across Bengaluru in the coming 12 months leading to over 800 property sales worth Rs 600 crore.
Settlin says selling or buying a resale home is a big pain point. Sellers have only lead generation platforms and brokers to get help from. Lead-gen platforms demand huge efforts in filtering the leads and managing operations.
Local brokers with their limited bandwidth give a very fragmented experience. For buyers, just finding all options in one single place is impossible. They are then forced to visit the properties just to get the basic details like layout, built-up area, etc. If they like the property, they have to coordinate with multiple lawyers, banks, municipalities, RWA, and CAs to get a sale deed ultimately.
The startup claims to have grown 4x in the last two quarters and is currently helping 5000+ prospective buyers do 1200+ property inspections every month.
Ashish Srivastava, Co-founder & CEO of Settlin, said “The residential resale market is 3 times that of new sale, and holds the key to truly organize the entire Real Estate transactions industry, forever. This ever growing sector remains unorganised and complex to crack because of its multiple moving parts. As a result, Proptechs and organized brokers mainly focus on the low hanging fruits i.e. being a property classified or doing developer sales (channel sales).”
With its conveyor belt approach, Settlin says it is helping the consumers with an end-to-end doorstep execution of buying/selling resale homes – from online search to offline property inspections to online documentation, legal, loan, and final sale deed registration.
Speaking on the investment, Kshitij Golwalkar, General Partner, Powerhouse Ventures, said, “Home buying experience in India is extremely fragmented. The experience with the resale of homes is even more broken. Settlin’s digitization of the entire resale process, from curation to transaction, is rapidly changing the home buying and selling experience bringing end-to-end transparency and efficiency.”
The startup is planning to expand to 11 metro cities, starting with Mumbai, in the next 5 years covering 20% market share in Bangalore and 5% pan India.