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hBits Raises Angel Funding

The company plans to invest the capital, in strengthening technology and focus on customer acquisition.

hBits, the proptech company offering fractional ownership (FA) to investors in Grade A properties, today announced that the company has raised an undisclosed amount of angel funding from a number of investors including Ambit founder Ashok Wadhwa Family Office, Patni Family Office, Managing Director of an International Property Consultant, Tushar Mehendale, Amith Agarwal, Haptik co-founder Aakrit Vaish, Amitabh Nagpal (AWS Head of Startup Ecosystem), Shree Naman Group, Skillmatics founder Dhvanil Sheth Arjun Vaidya,

The company plans to invest the capital, in strengthening technology and focus on customer acquisition. The company has grown ten-fold in the last one year, despite Covid pandemic.  The company is the fastest growing fractional ownership platform and has assets under management of more than INR 100 crores.

Talking about the growth, Shiv Parekh, Founder, hBits said, “Fractional ownership is a new concept in formal set up but the concept existed in the country for many years. We are focusing on popularizing the concept and offering best properties with high returns to build the trust of investment community. As a company, we have grown at a good pace and hope to continue our success rate. We would like to thank our investors for keeping faith in our capabilities.”

“The time is ripe to invest in commercial real estate and Fractional Ownership is one of the safest investments to own a pie in the grade A assets. Consumers cannot only earn handsome monthly returns but also receive appreciation in the value of capital invested,” he further added.

Karan Wadhwa of 9advisors (family office of Ambit group CEO Ashok Wadhwa ) said, “We are looking for disrupters of conventional business models that have remained unchanged for long gestations . hBits’s tech enabled solution has shown immense business growth in the last one year making it a promising company which can change the face of commercial real estate .We have full faith in their capabilities and look forward to kickstarting this journey with them.

Ankush Ahuja, Director, of Business Development and Investment hBits, “We are in the process of closing few more properties in the coming quarters to add value to our investors. The returns offered by our grade A commercial real-estate assets are better than many investment tools and comparatively our asset class is safer than many investment instruments available in the market with steady returns. The investors can have a pie of a commercial Grade A asset with an investment of INR 25 lakhs which can help them plan their future.”

hBits has been able to sustain the growth momentum despite slowdown in acquisition of CRE. The company presently has six assets having long term, leases with marquee tenants such as ICICI Bank, Ingenico and ATPI. Currently the company has over 20,000 registered users and 500 registered channel partners. Its investor bases comes from across India as well as NRIs from Singapore, Gulf, Europe, UK and USA.

Source: Business World

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