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Lumos Alternative Investment Advisors, Gruhas Proptech to raise Rs 500-crore realty fund

The proposed fund will be focussing on structured debt and certain equity opportunities in real estate projects, which have secured required permissions, across major cities of India.

Representative Image.

Representative Image.

Lumos Alternate Investment Advisors Pvt Ltd and Gruhas Proptech LLP have joined hands to raise a Rs 500 crore real estate fund, focused on last-mile funding, structured debt and acquisition of stressed housing projects.

Gruhas Proptech is promoted by entrepreneur Abhijeet Pai and Zerodha Broking Ltd co-founder Nikhil Kamath. It has joined Lumos Alternate Investment as anchor investor and general partner.

The proposed fund will be focussing on structured debt and certain equity opportunities in real estate projects, which have secured required permissions, across major cities of India.

The joint venture Gruhas & Lumos is in the process of raising Rs 500 crore for a real estate fund focused on structured debt, last-mile funding, and opportunist equity in real estate projects across major Indian cities, the company said in a statement.

KK Rathi, founder of FirstBridge Capital Partners LLP and SS Asokan, former senior director at Shriram Properties Limited, also joined the Gruhas & Lumos board as co-founders.

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Commenting on the development, Anuranjan Mohnot, co-founder and Managing Director of Lumos, said, “Post second wave of Covid-19, real estate is emerging as one of the most preferred investment avenues and we are happy to have some prominent industry experts and investors on board to help us in institutionalising real estate investment and management processes. We are now actively looking at residential-focused last-mile funding and structured equity deals for our prospective fund.”

“Alternate investment in real estate will be a big opportunity in India given the requirement of capital in the realty sector. Alternate investment platforms along with fintech can provide better opportunities to new edged investors for adjusted yield products. We are delighted to partner with a highly experienced team that is having a remarkable track record of real estate fund management and real estate development,” said Abhijeet Pai, co-founder of Gruhas and Puzzulona.

Nikhil Kamath, co-founder of Zerodha and Gruhas, said, “Our intention backing this asset class is to optimise the offerings in the realty sector. There is an opportunity to democratise realty using technology in a manner that decarbonises the sector. This is not only aligned to our sustainability goals but also revives the fixed income market.”

“We see significant traction in the real estate market, particularly in southern mega cities. In the last five years, the real estate market has matured and consolidated much more along with a stable regulatory framework such as RERA. . We expect that increased transparency in real estate will provide stable returns to real estate investors,” said SS Asokan.
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