Mumbai: DMG Information Pte Ltd said on Wednesday that it has invested $3 million in Mumbai-based commercial real estate information business company Propstack Services Pvt Ltd. DMG, the investment subsidiary of British media conglomerate Daily Mail & General Trust, led this Series A (first round) of funding with participation of Real Capital Analytics Inc., a data and analytics firm.

Propstack, founded in 2013 by Raja Seetharaman and Shubhankar Dongre, aims to use the funds to launch additional products, strengthen the team and expand the services to other cities, including Pune, Bangalore, Chennai, Delhi-NCR, Hyderabad and Kolkata. The investment by DMG is in line with its stated objective to increase its business stake in India over the next few years.

“Most corporates, developers, landlords and HNIs (High Net Worth Individuals) have become technology savvy and ‘global’ in their outlook. This shift will create an increased demand for technology in commercial real estate, which in turn will boost the demand for all types of information including trends and analytics and seamless transfer of data and information transfer globally," said Tej Kapoor, country head of DMG Information.

The online real estate market has been receiving significant investment from private equity and venture capital funds. Online property classifieds companies Housing.com and Commonfloor.com have collectively raised over $130 million dollars since September 2014.

“We are working towards establishing our company as the market leader in the provision of property valuation data and technology in India," said Seetharaman. The company works on an online subscription mode, conducts research on commercial buildings in India, enabling clients to analyse, interpret and gain insight on availability of commercial properties, lease and sale transaction comparables and access market conditions. It currently serves a wide variety of professionals working in corporates, funds, rating agencies, brokers, owners, developers and vendors.

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