Mumbai headquartered real estate developer Ajmera Group has set up a US$10 million (~ ₹ 75 crore) fund for investing in technology-based startups, with a focus on fintech and software-as-a-service (SaaS), as part of its expansion & diversification plan, reported LiveMint.

The realty group has already invested ₹ 2.5 crore (~ US$ 338,000) in angel funding in three startups -- BookMeIn, a Mumbai-based hyperlocal services marketplace; Sports Gurukul, a professional sports training academy also based out of Mumbai; and Modulex, which builds the entire home in a factory and the module is simply fixed up at the site. Ajmera has said to invested in these startups two years ago.

The group now plans to invest in seven more tech startup by the end of June 2019. It will also consider acquisitions of tech-based startups.

Dhaval Ajmera, Director of Ajmera Realty, told a business daily, "Real estate, fundamentally, does attract us but we are open to investing in any business where we get an exciting opportunity with good growth potential. This will help us to diversify, grow faster and venture into newer areas."

"Start-ups also help us to understand the pulse of the market. We are looking to close this fund in one year’s time depending on the opportunities coming our way. And then we will look at another fund next year," he added.

In July this year, a new tech alliance Called - "Built World Technology Alliance" (BWTC) was founded with an aim to accelerate the digital transformation of India’s real estate sector.

Later, after a month, it was reported that Indian real estate industry leaders Anuj Puri and Yash Gupta along with CapitalM, the family office of realty developer RMZ Corp, plan to launch a $100 million early-stage fund to invest in companies in the expanding property technology (proptech) segment.

Last September, an another real estate developer, the Lodha Group, had partnered with Mumbai-based startup incubator Zone Start-up India and launched Palava Accelerator. Lodha initially invested about $7.8 million in the Palava Accelerator from its flagship Startup Investment Fund for Real Estate and Smart Cities.

In 2016, Bangalore-based real estate group Brigade Group had launched a startup accelerator called Brigade REAP to focus on technology startups whose end product/services is applicable to Real Estate be it Residential Commercial or Hospitality projects.

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