INDIA – Alt RealTech Pvt Ltd, a Bangalore, India-based company which owns ALT DRX, a digital real estate marketplace allowing Indians to invest in dematerialised real estate, raised $3.6m in a seed round.
This included US$ 1.6m in equity and $ 2.0m in callable mezz debt for co-investing into real estate assets. Backers included one of India’s top law firm, renowned family offices, start-up founders, unnamed senior professionals from Development Bank of Singapore, Ernst & Young, HSBC, Volvo, Salesforce amongst others. ALT DRX aims to solve the problem of illiquidity in Mid-size Real Estate Assets and open the gates for capital to move into socially relevant, rent yielding real estate assets such Rental Housing, Hostels, Care Homes, Holiday Homes, Schools, Industrial Warehousing, High-Street Retail, Hotels and managed Offices. ALT DRX will allow owners of these real estate assets to dematerialise their real estate ownership, into Tokenised Tradeable Digital Assets, i.e., say a 50,000 sqft building being Tokenised into 50,000 Tradeable Digital Assets, each of which hold the economic value, proportionate to 1 SQFT of the said property.Key people include: 23/03/2023
