India Quotient Ventures led a $2 million seed round for proptech startup Openhouse. According to the company’s press release, the round’s angel investors include Gaurav Sharma, founder of SaaS Labs, Ramanshu Mahaur, co-founder of Spinny, and Mohit Gupta and Gunjan Patidar, both former co-founders of Zomato.
The money will be utilized to develop technology, grow operations, and improve transaction capabilities, according to Openhouse.
Rahool Sureka and Ankit Khemka founded Openhouse, which is creating a full-stack platform for reselling real estate with an emphasis on the secondary residential market in India. It provides end-to-end transaction management, including buyer sourcing, home staging, documentation, and legal support, along with AI-based pricing and a 90-day sale guarantee.
The residential real estate market in India’s top seven cities is estimated to be worth over $60 billion and is expected to grow to $150 billion by 2030, according to market research.
In order to estimate property values, demand trends, and pricing patterns across NCR markets, Openhouse claims to have developed Data IQ, a pricing and market-intelligence engine that analyzes over 100,000 data points every month.
Additionally, the company is creating Broker AI, a tool that matches buyers and societies according to use case, location, and budget.
Over the next four to six quarters, Openhouse hopes to increase monthly GMV from Rs 10 crore to Rs 100 crore. In order to shorten transaction times, it will also improve legal and compliance departments.
