Total amount raised
₹600 Millions
Latest funding date
1/1/2024
Location
hBits has successfully raised funds through a Series A round, attracting a diverse group of 16 investors, including Capricon Realty and Awdesh Krishna. The platform specializes in fractional ownership of grade A commercial properties, offering investors a chance to earn stable monthly income with a minimum investment of ₹30 Lakhs.
Keep reading to explore the intricacies of hBits' fundraising journey and the investors backing this innovative platform.
What Is hBits?
hBits, founded on January 1, 2018, is headquartered in Mumbai, Maharashtra, India. The company specializes in fractional ownership of grade A commercial properties, offering investors a chance to earn stable monthly income.
Shiv Parekh, the founder of hBits, has led the company to manage approximately 1.5 lakh square feet of space in eight assets located in Mumbai. The platform uses machine learning to collect and share historical sale and rental data with the public.
With a team of 51-100 employees, hBits provides a range of services including Alternative Investment Funds (AIF), NRI Real Estate Investment Services, and Real Estate Investment Advisory services.
How Much Funding Has hBits Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the foundational operations and initial technology development.
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: October 2021
- Lead Investors: Ashok Wadhwa Family Office
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Angel Round
- Amount Raised: ₹200M (approximately $2.6M USD)
- Date: September 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up customer acquisition and ramp up the acquisition of new assets.
- Series A
- Amount Raised: ₹400M (approximately $5.4M USD)
- Date: January 2024
- Lead Investors: Capricon Realty
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance hBits' AI-driven platform and expand its geographical presence.
Total Amount Raised: $8M USD. Current Valuation: Not publicly disclosed.
Key Investors
- Capricon Realty
- Details: Capricon Realty is an entity of the Thackersey Group, a prominent business conglomerate in India. They have a strong presence in the real estate sector.
- Investment Focus Areas: Real estate, commercial properties, infrastructure.
- Notable Investments: hBits, various commercial real estate projects.
- Ashok Wadhwa Family Office
- Details: The Ashok Wadhwa Family Office is a private investment firm managed by Ashok Wadhwa, a well-known figure in the financial services industry.
- Investment Focus Areas: Financial services, real estate, technology.
- Notable Investments: Not publicly disclosed.
- Nirmal Jain
- Details: Nirmal Jain is the Chairman and Founder of IIFL (India Infoline Limited), a diversified financial services company.
- Investment Focus Areas: Financial services, wealth management, asset management.
- Notable Investments: IIFL, various fintech companies.
- Incred Capital
- Details: Incred Capital is a financial services platform offering lending and investment solutions across various sectors.
- Investment Focus Areas: Lending, financial technology, investment solutions.
- Notable Investments: Various lending platforms, financial technology companies.
- Jayesh Parekh
- Details: Jayesh Parekh is a former managing partner at Jungle Ventures, a venture capital firm focused on technology startups.
- Investment Focus Areas: Technology, startups, venture capital.
- Notable Investments: Various technology startups through Jungle Ventures.
What's Next for hBits?
hBits is poised to capitalize on the burgeoning interest in fractional ownership of commercial real estate. With plans to list 40 new Grade A properties and attract investments of INR 1,000 Cr within the year, the company aims to expand its footprint to India's top six cities. This growth is supported by a robust technology stack designed to enhance user experience and transaction security.
Future fundraising opportunities seem likely as hBits scales up its operations and customer acquisition efforts. The competitive landscape and the need for continuous technological advancements present challenges, but the company's strategic focus on transparency and security positions it well for sustained growth.
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