propdial: property management company Propdial to expand to Mumbai, Chennai and Kolkata

Property management and maintenance company Propdial is in talks to raise Rs two crores to expand its operations in Mumbai, Chennai and Kolkata as the demand for property management has increased with NRIs unable to come to India due to the COVID-induced restrictions.

The company is also in talks with company management apps and brokerage firms to put such properties up for rent.

“70% of the properties under management are NRIs and most of the time they would ask relatives to check and maintain the property. With COVID, they realized that was not a long term solution. This has led to the growth of our business,” said Vinay Prajapati, co-founder and CEO of Propdial.

End-to-end property management service is a new category in the Proptech space and many existing players have also started this as a new revenue vertical.

“We are targeting 5-6x year-over-year revenue growth and plan to reach 12 states/30 cities in the next 2-3 years with deeper presence,” Prajapati said.

The company signs the one-year management contract for the residential properties and offers services such as bill payment, maintenance, cleaning and tenant related services.

“As we see a huge increase in demand after partnerships as well as growth in organic traffic, we need to scale our sales and operations functions, while improving the technology stack. We plan to raise funds from pre-Series A so that it can fuel growth, while a larger funding round (Series A) is expected to be raised in the second half,” Prajapati said.