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Amidst the dynamic landscape of the Indian real estate industry, PropTech firms secured an impressive $719 million in funding, signalling their resilience even in the face of a minor dip in 2022. The sector has been steadily growing, accumulating nearly $4 billion in investments between 2009 and 2022, with a promising compound annual growth rate (CAGR) of 49 percent, even amid the challenges of global economic uncertainties. Dhruv Agarwala, Group CEO of Housing.com, PropTiger.com, and Makaan.com, applauded the sector's robust performance, particularly in the last three years, during which the real estate industry embraced innovative technologies. The COVID-19 pandemic served as a catalyst, accelerating the adoption of technology across the industry at an unprecedented pace.
While overall funding for PropTech firms observed a modest decline from $742 million in the previous year (2021), specific segments within the industry garnered significant investor interest. Shared economy platforms, such as co-living and co-working spaces, dominated the investment landscape, representing 64 percent of the total fund inflow. Investors are increasingly drawn to these segments for their flexible workspace solutions and premium rental accommodations. Construction technology solutions providers received 15 percent of the funding, reflecting the industry's focus on reducing construction times and maintaining high-quality standards. PropTech solutions have become essential for effective project management, especially in countries like India, where extended construction cycles inflate project costs.
The coworking segment has experienced rapid expansion in the last three years, fuelled by increasing demand for flexible workspace solutions from corporates. Despite challenges during the pandemic, the co-living segment showed a remarkable recovery with the reopening of educational institutes and offices. The report emphasized the significant growth in Proptech investments in India over the years, with the Shared Economy Sector leading the way, comprising 40 percent of total investments. Sales and Marketing followed with a 24 percent share. In the first half of 2023, Proptech investments in India crossed the $4 billion milestone since 2009, underscoring the sector's unwavering growth and transformative potential.
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