dmg information has made a strategic investment of $3 million of Series 'A' funding in Propstack, in participation with Real Capital Analytics, and aims to increase its business stake in India over the next few years. The funds raised will be used to expand further Propstack services to other cities in India and to launch additional products and strengthen the team.
Established in 2013, Propstack is a commercial real estate information business based in Mumbai. Propstack conducts extensive, on-going research on commercial buildings in India, enabling clients to analyse, interpret and gain insight on commercial property availabilities, lease and sale transaction comparables and access the market conditions. It currently serves a wide variety of professionals working in corporates, funds, rating agencies, brokers, owners, developers and vendors in Mumbai and will soon expand its services to the commercial real estate hubs of Pune, Bangalore, Chennai, Delhi-NCR, Hyderabad and Kolkata.
Propstack is based on an online subscription model that provides a diverse range of information catering to all commercial real estate research requirements. This includes detailed building information, analytics, client stacking, availability/vacancy details, transaction details and trends.
Stephen Stout, CEO of dmg Information Asia Pacific said, "We are delighted to have the opportunity to enter India's property information market with Propstack, which has built a disruptive product to address the need for unbiased and transparent commercial real estate data in India. Propstack has a solid team with relevant experience in Indian CRE and technology sector. We believe there is great potential for Propstack to rapidly expand in the next few years. dmgi bring not only cash but knowledge of the property markets in other countries that we believe will add considerable value to Propstack business".
Raja Seetharaman, Co-Founder, Propstack said, "It is a great moment in the Propstack story for us to have an investor such as DMGT. We look forward to a long and mutually beneficial relationship, as we work to establish our company as the market leader in the provision of property valuation data and technology in India."