Gruhas Proptech, backed by Zerodha promoter and Puzzolana Group, plans to launch a USD 150 million proptech focused fund in the first quarter of next financial year that will invest in incubators, startups and special situations, its officials said.

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The company is currently in discussion with the large global investors for the launch of the proptech focussed fund, its promoter Abhijeet Pai told PTI.

Gruhas, focused on real estate investments and prop tech, is promoted by entrepreneur Pai and Zerodha's co-founder Nikhil Kamath.

Operational in India, Gruhas is also exploring initiatives in the Middle-Eastern and African countries to democratise the proptech asset class to optimise the offerings in the realty sector using technology in a manner that decarbonizes the sector, Pai said.

This is not only aligned to global sustainability goals but also revives the fixed income market, he added.

"Because of the immense success of the current portfolio, and razor sharp focus on disruptive prop focus Gruhas has strategic interest from large global firms for launching a proptech fund of USD 150 million in the first quarter of 2022," Pai said.

Gruhas has so far invested in eight startups across fractional ownership, green materials, debt, new age tech, low-cost housing, mapping rural communities, drone technology, water management and other proptech initiatives.

Among the companies invested by Gruhas are Strata, Basic, WeGot and GruhasLumos.

Gruhas is also accepting applications for the incubator while exploring investment opportunities in developing markets and some developed markets.

"Real estate is at an inflection point where the confluence of technology, sustainability goals will make real estate more accessible. Proptech startups have been catalyzed during the pandemic, with the advent from remote working but the gap between haves and have-nots remains stark. The way real estate is structured, impacts us all," Kamath said.

"Whether it is buying, selling, renting or investing in real estate there is an opportunity to democratise, decarbonise and usher in global practices and technology. Application of technology and digitalization has come late in the real estate industry but has become a necessity," he added.

Despite the resistance by the different stakeholders in the real estate market, India accounts for the largest proportion of proptech investments outside the US along with Europe and the UK, yet there are few affordable investment alternatives.

"We are grappling with issues which have solutions that have not been implemented, from pollution to water management to providing affordable investment alternatives. Gruhas will democratise realty offerings for individuals looking for alternatives to FDs stagnant 4 per cent," Pai.

According to him, Gruhas was founded with this intention to disrupt the status-quo in real estate.

"At Gruhas, we are also investing into a sustainable living with a keen focus on impact and ESG (environment, social and governance) focused disruptors in the world's second largest industry type with an urgent need to revamp for the future consumer," he added.