PropTech Platform Proho has secured $1m pre-seed funding to progress India’s residential resale market. The company uses AI to create a guaranteed home-selling platform, with the aim of reducing the length of property transactions and uncertainty in the process.
The investment round included participation from Bharath Vivek Chandhok and other strategic backers, indicating strong confidence in Proho’s AI model. India’s residential resale sector is currently valued at $60bn annually but is hindered by significant inefficiencies.
Often transactions take several months to proceed to completions due to uncertainty by both the buyer and sellers. Sellers struggle with realistic pricing and sales timelines, whereas the buyer may face challenges with transaction security and property verification.
Proho’s technology uses AI driven valuation models to analyse historical transactions, live signals from the market and buyer engagement data. The system will then generate precise, unit-level property valuations. By having a data centric method to calculate precise valuations, this can remove ambiguity which complicates the pricing process for sellers.
Proho’s model encompasses refurbishing homes to align with market standards and incorporating a robust distribution system to connect properties with qualified buyers. By having a comprehensive approach this ensures that every home is optimally positioned and effectively matched with the correct audience.
As soon as a property is prepared and positioned using the company’s data, the platform drives the transaction to the completion stage. This model has already shown impressive results, achieving some of the quickest home sale turnarounds in key Noida micro-markets.
The newly secured $1m in capital will be strategically used to expand the company’s next phase of growth. Proho projects to upgrade its valuation and pricing intelligence capabilities, and to expand its distribution network. The company also aims to duplicate its successful resale model across new micro-markets.
The company is led by a team comprising of Saurav Suman, Alaukik Kumar, and Shalin Gandhi. The three founders bring together a volume of entrepreneurial experience, product innovation skills, and PropTech expertise from IIT Bombay and successful ventures like Pocket52. Their strong leadership demonstrates a good foundation for managing the complexities of the real estate industry.
According to CEO and Co-founder Saurav Suman, the company’s core mission will be to address the market’s main point – uncertainty. He comments that the focus is on having clarity and predictability to home transactions. This vision seeks to empower both sellers and buyers to make major financial decisions with better confidence.
Due to its successful pre-seed funding round, Proho is strongly projected to shake up the conventional real estate landscape in India. Proho prepares to expand operations, and its innovative AI model aims to bring transparency and predictability to the sector.
