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Indian proptech startup MicroMitti has raised Rs 90 crore in a funding round from prominent local HNIs, family offices, and influential business leaders from Indore.
The funding round includes Rs 17.06 crore through a SEED round for MicroMitti holding firm promoting real estate investment vehicles like SM REIT, AIF & PE for the common man and Rs 72.94 crore strategically secured for MicroMitti SPV’s doing iconic projects in Indore with leading architect Sanjay Puri.
Expanding globally with MicroMitti Inc.
MicroMitti has launched its U.S. arm, MicroMitti Inc., to revolutionize real estate investments beyond India. The expansion aims to attract international investors and promote cross-border collaboration in innovative property investments.
The U.S. arm will focus on forging strategic partnerships and replicating MicroMitti’s successful Proptech model in key global markets, the release notes.
Purpose of fundraising
According to Founder & CEO Manoj Dhanotiya, the capital raised will fuel the expansion of its proptech platform, with a focus on AI-driven analytics and automation, while also supporting large-scale real estate developments aimed at generating long-term wealth.
Strategic partnerships
MicroMitti has also established various strategic partnerships with leading financial institutions, architectural firms, and technology providers to ensure innovation and high standards across its projects.
The firm has partnered with global real estate consultancy JLL, renowned architect Sanjay Puri, and top-tier law firms to ensure comprehensive project management, architectural excellence, and legal compliance in all developments.
CyberCity (Indore), Indore Fintech Park, Selene Residential Tower, and Madhuvan Project are some of its key projects.
Land contribution AUM
The firm's AUM, which currently stands at Rs 700 crore, includes land contributions from various investors. These contributions significantly enhance MicroMitti’s ability to scale up its portfolio.
The targeted asset sale value of these developments is projected to exceed Rs 2,500 crore in market value within the next 3-5 years, driven by premium projects.