Alt DRX raises $2.7 million in new funding round
Alt DRX
, a tokenised digital real estate marketplace, has raised USD 2.7 million (around Rs 23 crore) to expand its business. In a statement on Monday, the company said it has "closed its Pre-Series A funding round, raising Rs 23 crore (USD 2.7 million)".
The round witnessed participation from investors -- Qatar Development Bank, Times of India Brand Capital, Hindustan Media Ventures, Zee Group, WeFounder Circle Angel Fund, nX Capital -- besides angel investors such as Harsha Bhogle (Golden Voice of Cricket), Parthasarathy (Founder of Mindtree), and Richard Rekhy (former CEO of KPMG India).
Alt DRX aims to make residential real estate accessible to people by democratising this asset class by enabling people to buy and sell tokenised residential properties one square feet at a time, powered by algorithmic daily pricing, instant settlements, and blockchain-powered transparency.
Anand Narayanan, one of the founders of Alt DRX, said the fund will be utilised for purchase of residential assets, technology, marketing and regulatory license expenses.
Headquartered in Bengaluru, Alt DRX has a run-rate of about 1,00,000 transactions per annum.
Narayanan said the investors earn rental income from residential properties offered by the company on the marketplace. Investors can sell the square feet area purchased by them through the mobile application digital platform only.
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