Gruhas Proptech LLP, promoted by serial entrepreneur Mr. Abhijeet Pai and Zerodha’s Co-founder Mr. Nikhil Kamath, joins Lumos Alternate Investment Advisors Private Limited (Lumos) as anchor investor and general partner. The joint venture Gruhas & Lumos is in the process of raising Rs. 500 cr for a real estate fund focused on structured debt, last-mile funding, and opportunist equity in real estate projects across major India cities.
Mr. KK Rathi, founder of FirstBridge Capital Partners LLP and Mr. SS Asokan, Ex-Senior Director at Shriram Properties Limited, also join the Gruhas & Lumos board as co-founders.
Commenting on the development, Mr. Anuranjan Mohnot, co-founder and Managing Director of Lumos, said “post second wave of Covid, real estate is emerging as one of the most preferred investment avenues and we are happy to have some prominent industry experts and investors on board to help us in institutionalising real estate investment and management processes. We are now actively looking at residential-focused last-mile funding and structured equity deals for our prospective fund.”
Commenting on the development Mr. Abhijeet Pai Co-founder of Gruhas and Puzzulona said “alternate investment in real estate will be a big opportunity in India given the requirement of capital in the realty sector. Alternate investment platforms along with fintech can provide better opportunities to new edged investors for adjusted yield products. We are delighted to partner with a highly experienced team that is having a remarkable track record of real estate fund management and real estate development”.
Nikhil Kamath, Co-Founder of Zerodha and Gruhas commented “Our intention backing this asset class is to optimize the offerings in the realty sector. There is an opportunity to democratize realty using technology in a manner that decarbonizes the sector. This is not only aligned to our sustainability goals but also revives the fixed income market.”
“Delighted to be part of Gruhas & Lumos which through its wealth of experience in managing Real Estate development will set new bench mark in Real estate Fund management when real estate as an asset class is re-emerging in a new economic and regulatory environment.”, Mr. KK Rathi added.
“We see significant traction in the real estate market, particularly in southern mega cities. In the last five years the real estate market has matured and consolidated much more along with a stable regulatory framework such as RERA. . We expect that increased transparency in real estate will provide stable returns to real estate investors” says Mr. SS Asokan.
Gruhas Proptech, a venture focused on real estate investments and prop-tech, is spearheaded by promoters of Puzzolana and Zerodha Group. The Gruhas team comprises Mr. Abhijeet Pai, President Puzzolana, and Mr. Nikhil Kamath, co-founder of Zerodha. Puzzolana is the market leader in Aggregate Crushers in India and Zerodha is the largest stock broking company offering retail brokerage, currencies and commodities trading, mutual funds, and bonds.
Lumos Investment Advisors (Lumos) comprises a team of professionals with more than two decades of experience in pan-India real estate acquisition and alternate investment fund management.
- Mr. Anuranjan Mohnot, co-founder of Lumos, has conceptualized and raised two Sebi-registered alternate investment funds focused on early-stage real estate projects and successfully exited most of the investments at Amplus Capital (Lalbhai Group company). The investments include real estate projects with renowned real estate developers like Shriram Properties, Assetz Homes, XS Real, Amaya Developers (Ahmedabad), Jain Heights etc.
- Mr. K.K Rathi, Founder, First Bridge Capital Partners LLP and managing alternate investment funds for more than 15 years and presently Managing Director of First Bridge Fund Managers Pvt Limited
- Mr. Asokan has led Sriram Properties Limited as Senior Executive Director for more than 13 years and has provided leadership to more than 40 projects under execution of Shriram Properties.