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HDFC Capital Consultant, a subsidiary of India’s largest private mortgage lender HDFCIndividuals with direct knowledge of the development said it has raised over Rs 500 crore as the first closure of its Asset Technology Fund through global investors to invest in startups that drive innovation and efficiency within the affordable housing ecosystem. promote.
Through its initiative, HDFC Affordable Real Estate and Technology Program (HART), it seeks to provide a platform to real estate technology companies with innovative products that create efficiencies and lower costs at each stage of the development cycle of a real estate project. Will do
The HDFC Group entity has already made some investments which include: home exchange, Loyal and has committed to invest more than 15 in proptech companies already operating in India.
As part of this initiative, HDFC Capital is soon launching the HDFC Tech Innovators Program in partnership with the Government of India, other leading global and Indian funds, academia and academia. industry Association to identify the most innovative proptech companies. This will be an ongoing initiative to identify and partner with innovative technology companies in the affordable housing segment.
“HDFC Capital seeks to bridge the demand-supply gap in affordable housing in India through a combination of funding, partnerships and technology… We are committed to a wide range of stakeholders including developers, consultants, construction companies, global institutions, venture funds, incubators and accelerators,” Vipul RoongtaHDFC Capital Advisors MD and CEO told ET earlier in 2019.
ET’s email query regarding the first closure of the fund remained unanswered till it went to press on Monday.
One of the major challenges faced by technology companies operating in the real estate sector is the lack of scale and access to the right partner developers. Apart from funding, HDFC Capital seeks to create an industry-wide ecosystem, including stakeholders from the government, academia, developers, private equity and venture capital funds, to accelerate policy initiatives.
It will also partner with accelerators and tie up with educational institutions to take forward ideas related to accelerating housing development. The HDFC subsidiary is also likely to tie up with international funds to explore synergies and provide a global context to Indian real estate innovations.
HDFC Capital will also tie up with established companies to create solutions for real estate and help them reach the market through their real estate investment companies.
HDFC Capital, established in 2016, is the investment manager of HDFC Capital Affordable Real Estate Fund 1, 2 and 3; and is in line with the government’s goal of increasing the housing supply and supporting the Pradhan Mantri Awas Yojana – ‘Housing for All’ initiative.
It manages a $3 billion funding platform which is rated as one of the largest private finance platforms in the world focused on the development of affordable housing. Funds managed by HDFC Capital provide long-term, flexible funding across the life cycle of affordable and medium-income housing projects, including early-stage funding.
HDFC Capital aims to finance the development of one million affordable homes in India through a combination of innovative financing, partnerships and technology with a focus on sustainability.
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