MicroMitti Secures Rs 90 Crore Funding from Local Investors
MicroMitti, a proptech firm, has successfully raised Rs 90 crore in its latest funding round, attracting notable local high-net-worth individuals (HNIs), family offices, and distinguished business leaders from Indore. This funding round comprises:
- Rs 17.06 crore sourced through a seed round aimed at MicroMitti’s holding firm, which champions real estate investment options like SM REIT, AIF, and PE for broader public participation.
- Rs 72.94 crore strategically acquired for MicroMitti’s special purpose vehicle (SPV), which focuses on landmark projects in Indore designed by renowned architect Sanjay Puri.
According to the company, the Rs 17.06 crore will be utilised to enhance MicroMitti’s proptech platform. Key areas of focus will include:
- AI-driven analytics
- Automation for seamless real estate investments
- Improvement of user experiences
A significant portion of this funding will also support the expansion of the firm’s operations in Tier II and III cities across India. The Rs 72.94 crore raised via the SPV will be allocated towards:
- Expanding MicroMitti’s real estate portfolio
- Focusing on high-return properties
- Driving large-scale developments
Furthermore, land contributions from investors have bolstered the firm’s assets under management, now valued at Rs 700 crore based on current land market valuations.
Founded in 2023, MicroMitti aims to empower investors and facilitate the creation of long-term wealth through real estate-backed investments, thus making high-quality, institutional-grade assets accessible to the public.
Manoj Dhanotiya, Founder and CEO of MicroMitti, commented that the funding signifies a crucial milestone for the company and reflects the confidence of Indore’s business community in their vision. He mentioned that the capital raised will drive the expansion of their proptech platform, prioritising AI-driven analytics and automation while supporting substantial real estate developments aimed at wealth generation.
Additionally, MicroMitti has established its US subsidiary, MicroMitti Inc., with an ambitious vision to revolutionise real estate investments beyond India. This move is intended to attract international investors and promote cross-border collaborations in innovative property projects. The US entity will focus on establishing strategic partnerships and replicating MicroMitti’s proptech model in key global markets.