PANews reported on May 8 that according to ET Realty, Alt DRX, a real estate tokenization trading platform, has completed a $2.7 million Pre-A round of financing. Investors include Qatar Development Bank, Times of India Brand Capital, Brand Capital, Hindustan Media Ventures, Zee Group, WeFounderCircle, nX Capital, etc. The financing will be used to purchase residential assets, technology development, marketing and compliance license applications. Anand Narayanan, co-founder of the company, said the move is aimed at lowering the threshold for real estate investment and enabling more investors to participate in this asset class.
According to reports, the platform uses blockchain technology to achieve fragmented transactions of residential real estate, supports the purchase and sale of real estate interests in units of 1 square foot, and provides algorithmic pricing and instant settlement services. Alt DRX, headquartered in Bangalore, currently has an annual transaction volume of about 100,000 transactions. Investors can obtain rental income and trade their property shares through its mobile platform.
