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Alt DRX Startup Secured $2.7 Million in Funding Round
Alt DRX, a Bengaluru-based startup working on tokenized digital real estate, has raised $2.7 million (23 crores) in a startup funding round.
Summary:
1. Alt DRX, a Bengaluru-based startup, has raised $2.7 million in a startup funding round, including Qatar Development Bank, WeFounder Circle Angel Fund, and nX Capital.
2. The Qatar Development Bank supports Alt DRX, which aims to democratize real estate investing by making it accessible, affordable, and transparent.
3. Alt DRX, founded by Anand Narayanan, allows users to invest in residential real estate by purchasing tokenized units based on square footage. Transactions are settled using an algorithmic pricing mechanism and blockchain infrastructure.
The funding round includes Qatar Development Bank, WeFounder Circle Angel Fund, and nX Capital along with some individual investors’ that incommentator Harsha Bhogle, Mindtree founder Parthasarathy, and former KPMG India CEO Richard Rekhy also joined.
The money raised will be utilized to manage operating expenses, enhance its technological platform, and attract new clients.
Alt DRX, which is founded by Anand Narayanan, allows users to invest in residential real estate by purchasing tokenized units based on square footage. The transactions are settled using an algorithmic pricing mechanism and blockchain infrastructure.
It runs on XRPL Ripple’s blockchain and keeps a possession record for KYC-approved users. This framework provides digital ownership and transaction records.
The real estate startup has also joined the Qatar Financial Centre’s Digital Assets Lab and the IFSCA’s GIFT City innovation sandbox.
According to a BCG and Ripple analysis, the digital tokenization of real-world assets might hit $18 trillion by 2033, with real estate being a major part. The Bengaluru-based startup now handles approximately 100,000 transactions yearly.
About Qatar Development Bank Who Backed Alt Drx
Qatar Development Bank (QDB), formerly known as Qatar Industrial Development Bank, is a financial services and banking firm in Qatar that provides loans to support the growth of the country’s agricultural, tourist, health care, education, industrial, animal resources, and fishing industries. It was established in 1997 by Emiri Decree No. 14 to diversify Qatar’s economy through encouraging developmental initiatives.
What is Alt DRX?
Alt DRX is a platform that allows people to invest in digital real estate, specifically, partial ownership of homes in India. This allows consumers to invest in real estate one square foot at a time, making it easier to enter the market.
The goal is to democratize real estate investing by making it accessible, affordable, and transparent to everyone, especially in India. They execute this by providing blockchain-backed fractional ownership of properties, letting people invest in real estate for as little as ₹10,000.
Digital real estate investment is a novel approach to property ownership, made possible by modern technology. The startup has developed a sophisticated ecosystem that allows investors to buy shares in premium residential properties starting at ₹10,000. This platform redefines conventional real estate investment by combining accessibility, reliable leadership, and transparent processes.
The upcoming decade of digital real estate investment in India promises to be quite promising, both to technological improvements and consumer demand. Alt DRX’s platform is at the forefront of this trend, integrating premium property access, expert management, and security features.
For investors looking to participate in this shift, platforms like Alt DRX provide an ideal balance of innovation and assurance. The emphasis on high-end residential properties, backed by expert management, makes for an interesting investment opportunity that is in line with emerging market trends.
From launching new startups like World app to securing funding like Alt DRX, the AI world is influencing every space and market, whether it’s tech or startups. It would be interesting to see how AI reshapes our world by making our lives easier and improving our market approaches and operations.
