New Delhi, Apr 28 (PTI) Property tech startup TEAL on Thursday said it has raised nearly Rs 15 crore from investors, including Omidyar Network India, to expand business.
The company announced closure of its pre-Series A round of USD 2 million (Rs 14.8 crore) led by Omidyar Network India, with participation from existing investor, Info Edge.
TEAL’s core product is a digital, AI-driven solution for property due diligence in India.
With more than 50 million addresses covered across 52 cities and 12 states, TEAL has a repository of real estate data in the country.
The startup uses cutting-edge machine learning algorithms to translate, clean and standardise property records that can facilitate easier decision making with regards to land related transactions.
“With this fundraise, the Bengaluru-based company will work on expanding its data engineering capabilities, increasing geographical coverage and providing more analytics-driven, actionable insights to its customers,” the company said in a statement.
TEAL is building a comprehensive digital data infrastructure layer for land and property records in India – to enable greater lending against property, refinance, securitisation, and title Insurance.
Its solution provides clean property-level data through APIs in real-time.
“We are building India’s first digital title verification system, akin to a CIBIL for property. Just as CIBIL dramatically transformed the process of personal lending in India — simplifying a series of otherwise manual, messy procedures to do due diligence on an individual before giving a loan — we are aiming to do the same for property,” Kshitij Batra, co-founder and CEO of TEAL said.
TEAL’s existing clients include some of India’s largest and most innovative mortgage lenders, such as HDFC, Kotak and HomeFirst, as well as retail users seeking reliable data on individual properties across the country.
Terra Economics & Analytics Lab (TEAL) is a technology startup working on transforming land and property records in India utilising cutting-edge AI and Machine Learning algorithms. PTI MJH SHW SHW
