Realty firm Lodha Group has reportedly launched its maiden investment fund for startups with an initial corpus of Rs 50 Cr., focused on smart city solutions and overall real estate sector.
Besides angel funding or venture capital, the firm will also provide business opportunities, industry contacts and mentorship. Also, the Lodha Group’s Startup Investment Fund will also look at all aspects of the value chain, including digital marketing, analytics, Customer Relationship Management (CRM) and smart city services.
Speaking on the development, Abhishek Lodha, Managing Director of Lodha Group said, “Our fund’s philosophy is in line with Hon’ble PM Mr. Narendra Modi’s three core campaigns – Startup India, Housing for All and Demonetisation. Real estate sector is unarguably an important sector for India’s economy being the 2nd largest employer in the country after agriculture. Our fund will address the prevailing inefficiencies in the sector with the use of technology and smart solutions.”
He further added that two-three business ideas have already been vetted and the first round of investments will be completed by March 2017.
Lodha Group had achieved Rs 6,400 Cr. of net new sales for FY 2015-16 and is currently developing around 4.1 Cr. sq ft of prime residential real estate. Besides, it also has 31 ongoing projects across London, Mumbai Metropolitan Region, Pune and Hyderabad.