PropertyPistol, a Mumbai-based proptech startup, has raised $5.5 million (Rs 45 crore) in a Series A funding round from ICICI Bank and Baring Private Equity Partners India.

As per the startup, the freshly raised funds will be deployed towards product development, hiring and geographical expansion.

PropertyPistol | Buy, Sell, Or Rent Property 

Founded in 2012 by Ashish Narain Agarwal and later joined by Tushar Shrivastava as a co-founder, PropertyPistol is a full-stack real estate service firm that provides a platform for property listing services, broker services and financing services to its users.

Speaking about the development, Ashish Narain Agarwal, Founder & CEO of PropertyPistol, said,

“It’s truly an honor to be funded by some of the most well-known investors, including ICICI Bank and Baring Private Equity Partners India. PropertyPistol has been contributing significantly to the real estate sector and has become a crucial element in the ecosystem. Association with ICICI Bank, one of the leading private sector lenders, will go a long way in deepening relationships with all stakeholders in the real estate ecosystem.”

As per Ashish, this new funding round will help expand the company’s operations into newer geographies and yield significant business growth and value in the future.

The Mumbai-based proptech startup claims to have 2,000 developers on its platform and 5.5 lakh customers to date. PropertyPistol has facilitated sales of more than 20,000 homes, managed over 5,000 projects and reached around $2 billion in transaction value across India and the Gulf Cooperation Council (GCC).

PropertyPistol counts Mahindra Lifespaces, L&T Realty and Shapoorji Pallonji, amongst others, as part of its client portfolio.

Commenting on the development, Varun Batra, Partner, Baring Private Equity Partners India, said,

“PropertyPistol has built a highly credible and profitable business with prudent capital deployment. Given the current stage of the Residential Real Estate Cycle and the leadership’s articulated vision, Baring India’s investment will enable the next phase of PropertyPistol’s growth with an increased focus on marketplace technology and distribution. We look forward to partnering with the PropertyPistol team on this journey.”

Baring Private Equity Partners India is a private equity (PE) firm that has pivoted to do early-stage venture capital deals over the last few years. The PE firm, which is one of the earliest PE funds in India, invested $10 million in the Series A funding round of auto-focused Internet of Things startup Intangles Lab Pvt. Ltd. in February 2023.

Previously, Baring Private Equity Partners India had backed Muthoot Finance Ltd, consumer goods makers Dabur India Ltd and Marico Ltd, and drugmaker Indoco Remedies Ltd.

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