BENGALURU: Gurugram-based asset management firm, MPowered has raised $21 million, as a part of its pre-series A round, from a group of US-based ultra-rich individuals with real estate veterans Ashok Nichani and Shelly Nichani leading the round.
The funding will be used by the firm to take on new verticals of real estate such as warehousing, residential and commercial spaces. A portion of the funding amount will also be used to develop tech-solutions that will enable ease-of-use in day-to-day real estate transactions and management.
“This fundraise will be a great head-start to MPowered’s journey as India’s most futuristic asset-management firm that converges deep-rooted understanding of Indian real estate and thorough knowledge of global real estate concepts from countries including USA, Canada, Germany, Poland and the UK among others," said Sudeep Singh, Founder & CEO, MPowered.
Incorporated in June, MPowered specialises in asset-management solutions, to help property owners convert their real estate liabilities into profit-generating ventures either as co-living or co-working spaces, for long term use.
The firm aims to convert unutilized real estate into A-grade facilities by investing in them and implementing its various models on the properties as per the fitment in terms of size, location, infrastructure, among other things.
"MPowered brings to the table end-to-end solutions for landlords and property owners who may lack the time, knowledge or skills to put their real estate assets to good use and yield high returns on it," added Ashok Nichani.
MPowered also has a technology tool, MGage, which is meant to manage work spaces efficiently.
Recently, Mint reported that owing to covid-19 pandemic, realty investors are looking at an alternative asset class beyond commercial offices and shopping malls. As a result, investors are aggressive to venture into the warehousing segment, as demand for high-quality, automated facilities for smooth supply chain processes is at an all-time high.
In addition to this, the demand for commercial offices is hit by uncertainty around the pandemic, as several startups and businesses are looking to scale down their real estate footprint.
Click here to read the Mint ePaperLivemint.com is now on Telegram. Join Livemint channel in your Telegram and stay updated
