JLL India, 1 Crowd invest $500,000 in Zipgrid
Property consultancy JLL India and Bengaluru-based crowd funding platform 1Crowd have committed $5,00,000 in Zipgrid, a real estate technology firm in the asset management space.
This marks the closure of Zipgrid’s pre Series-A round of $5,00,000. It is also the third investment by JLL’s Technology Ventures platform, a dedicated vertical for making investments into real estate technology firms, both the companies said in a statement released.
Zipgrid would be using the fund to upgrade and scale up existing technology and operations, and to deploy a range of collective commerce solutions for individual residents as well as residential communities. It had earlier raised $2,50,000 from 1Crowd.
According to Anuj Nangpal, head, JLL Technology Ventures, the asset management space is transitioning into a managed services model where technology is starting to play a major role.
“Zipgrid’s tech-enabled property and asset management platform offers a seamless experience for residents, society managements and the property managers. This platform is significantly more matured than any similar options on the market, and we are keen to implement this solution in residential and commercial complexes across the APAC region,” he said.
Over 35 million households reside in organized communities in the top 50 city clusters in India. Such a platform represents a market opportunity of over $2 billion and is slated to grow aggressively as such households increase to over 100 million by 2025, as per estimates by JLL India.
Founded in August 2013 by Kunal Gupta and Jaydip Popat, Zipgrid provides tech-driven services to hundreds of housing and commercial communities.
“We are delighted to partner JLL, a global real estate leader in property and asset management services. We intend to combine our technology and management solutions with JLL’s network and understanding of this space to improve living experiences in communities while bringing significant economic benefits to residents,” said Jaydip Popat, co-founder, Zipgrid.