Highlights
The Land Bankers Secures Rs 8 Crore in Seed Funding
The Land Bankers, a proptech startup initiated by Amrendra Sahu, has successfully secured Rs 8 crore in a recent seed funding round. This funding round was led by Rainmatter, which is backed by Zerodha, and saw participation from notable angel investors such as Kunal Shah, Abhishek Goyal, among others.
Last October, the company’s board sanctioned the issuance of 1,597 compulsorily convertible preference shares (CCPS) at a price of Rs 49,764 each to bring in Rs 8 crore in new capital, as reported in regulatory filings obtained by Startup Superb.
Details of the Seed Funding Round
Rainmatter, supported by Zerodha, contributed Rs 6 crore as a leading investment in this funding round. Ashish Gupta was another prominent investor, injecting Rs 1 crore into the venture. Additionally, K2 Capital made a contribution of Rs 50 lakh, while Kunal Shah, through QED Innovations Labs, and Abhishek Goyal, co-founder of Tracxn, also participated in this round.
Company Valuation and Future Plans
According to estimates from Startup Superb, the valuation of The Land Bankers stands at approximately Rs 67 crore following this funding round. The company intends to utilise the raised funds for working capital needs, capital expenditure, and to bolster its business expansion efforts.
About The Land Bankers
The Land Bankers is a proptech enterprise that harnesses the power of artificial intelligence to streamline land title verification, ownership due diligence, and address dispute resolution. It offers a digital platform that encompasses land record aggregation, title validation, dispute checks, legal assistance, and property monitoring services. This aims to enhance transparency and efficiency in land dealings.
After the recent funding allotment, Rainmatter now holds a 9.03% share in The Land Bankers. Amrendra Sahu maintains the largest shareholding, possessing 65.48% of the company, while the ESOP pool constitutes 13.20% of the ownership. Ananda Chandra Sahu owns 7.48%, with K2 Capital, Ashish Gupta, Jogamaya Mishra, QED Innovation Labs LLP, and Abhishek Goyal holding respective stakes of 1.87%, 1.50%, 0.75%, 0.45%, and 0.22%.
Context of Amrendra Sahu’s Exit from NestAway
It is worth noting that Amrendra Sahu’s departure from NestAway was not without controversy. His exit was tainted by a legal conflict, during which he filed an FIR against investors including Tiger Global, Goldman Sachs, and Chiratae Ventures, as well as co-founders Jitendra Jagadev and Smruti Parida, citing charges of cheating, forgery, and criminal breach of trust.