Real estate startup Method & Madness raised $2 mn led by Tinder founder Justin Mateen
Technology-based and consumer centric real estate buying platform, Method & Madness Technology Pvt Ltd, raised $2 mn in seed round of funding with a post-money valuation of $12 mn from Justin Mateen, founder of popular dating app Tinder, and various other blue-chip Silicon Valley investors amongst its cap table.
The funds raised will be used to set up and establish the platform, which aims to digitise the real estate market in India. The venture claims that it is attempting to build the biggest inventory of homes in India, directly from developers onto its platform.
“Our mission is to push the real estate industry forward and disrupt the age-old cumbersome processes of home buying. We want to democratise inventory and provide perfect information and transparency to the homebuyer. We are hence building our product with the hearts and minds of the consumers as central to our philosophy. This fundraise will enable us to develop an end-to-end digital platform and completely change the experience of the homebuyer,” Founder and CEO Aditya Jhaveri said.
Real estate tech startup Method & Madness Technology has raised $2 Mn in a seed funding round led by Tinder founder Justin Mateen and other undisclosed Silicon Valley-based investors. The company has claimed a post-money valuation of over $12 Mn.
Founded by Satellite Builders cofounder Aditya Jhaveri, Method & Madness aims to build an inventory of homes directly from developers in the country. It is also building a fully integrated online to the offline system to facilitate real estate transactions.
Through the platform, buyers will be able to browse through verified inventory directly listed by developers, compare properties and schedule site visits with sales experts. Once a buyer has finalised a property, the startup’s online platform will help him with other processes such as paperwork, home loan assistance and property registration, among other things.
“Our mission is to push the real estate industry forward and disrupt the age-old cumbersome processes of home buying. This fundraise will enable us to develop an end-to-end digital platform,” said Jhaveri.
According to data sourced from the ministry of corporate affairs, the company was incorporated in October last year and is based in Mumbai.
According to the Indian Brand Equity Foundation (IBEF), India’s real estate sector is projected to reach a market size of $1 Tn by 2030 from $120 Bn in 2017 and contribute 13% to the country’s GDP by 2025.
India’s real estate tech startups are focussing on new features to fill the distribution gap in the market. Thus startups offering online property listings have come out with features for home viewing and documentation.
Last year, Times Internet-owned MagicBricks widened its bouquet of services to include a range of rental solutions such as rental agreements, tenant verification and pay rent, as it widened its property services marketplace.
“A 10-year rich B2C technology player, ApnaComplex was acquired for an undisclosed sum from NestAway Technologies, India’s leading rental housing operator funded by Goldman Sachs, Tiger Global, UC-RNT Fund, IDG India, Chiratae Ventures and InnoVen Capital,” the company said in a statement.
Anarock Group chairman Anuj Puri said, “From buying and selling homes to managing and maintaining them, real estate digitalisation is now a root concept.We are ready to invest aggressively in this platform to bring in the required product features and to hire key talent to help deliver value to all stakeholders.”
He added that the acquisition rationale is to extend innovative features and tech upgrades for homeowners, residents, society managing committees, as well as facility and security management teams.