MPowered raises US$ 21 million as part of pre-Series A funding

Gurugram-based asset management firm, MPowered raised US$ 21 million, as a part of its pre-series A round, from a group of US-based ultra-rich individuals with real estate veterans Mr Ashok Nichani and Mr Shelly Nichani leading the round.

The company plans to utilise these funds in expanding to new verticals of real estate such as warehousing, residential, and commercial spaces. It will also use some of its fund to develop tech-solutions that will enable ease-of-use in day-to-day real estate transactions and management.

“This fundraise will be a great head-start to MPowered’s journey as India’s most futuristic asset-management firm that converges deep-rooted understanding of Indian real estate and thorough knowledge of global real estate concepts from countries including USA, Canada, Germany, Poland and the UK among others," said Mr Sudeep Singh, Founder and CEO, MPowered.

The company was incorporated in June and specialises in asset-management solutions, to help property owners convert their real estate liabilities into profit-generating ventures either as co-living or co-working spaces, for long term use.

The company plans to transform the un-utilised real estate into A-grade facilities by investing in them and executing various models on the properties as per the fitment in terms of size, location, infrastructure, among other things.

"MPowered brings to the table end-to-end solutions for landlords and property owners who may lack the time, knowledge or skills to put their real estate assets to good use and yield high returns on it," added Mr Ashok Nichani.

The firm also has a technology tool, MGage, that manage workspaces efficiently.

Due to the current situation of the ongoing COVID-19 pandemic, realty investors are looking at an alternative asset class beyond commercial offices and shopping malls. As a result, investors are determined to venture into the warehousing segment, as demand for high-quality, automated facilities for smooth supply chain processes is at an all-time high.

Though, the demand for commercial offices has decreased because of the uncertainty around the pandemic and many start-ups and businesses are planning to scale down their real estate footprint.
 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.