PropSoch (How this new startup is helping individuals by providing expert home-buying solutions in 2024)

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B2B, B2C, D2C, houshold, indian startups, Internet, services, Social Netwotk, Startups, startups in india Jun 29, 2024 0

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PropSoch is a Real Estate startup.

What is PropSoch?

PropSoch is a team of experienced professionals from the real estate industry who assist homebuyers in their purchase journey by providing unbiased, rational, and data-backed information.

They have a combined experience of 50+ years in the Real Estate industry. They are driven by our core values of Integrity, Customer Centricity, and fairness in everything they do. The startup was founded by Ashish Acharya in 2022.

The vision of the startup is “To Eliminate Buyer’s Remorse for Home Buyers in India”

The mission is “To bring back the joy in homebuying by solving all consumer pain points on a single platform”

Startup PropSoch
Website propsoch.com
Founded 2022
Headquarters Bangalore, India
Products Real estate services
Revenue Model One-time payment, Commission

How did it start?

The founder has 15 years of experience in real estate which made him witness proper guidance for buyers to buy properties. In this process, often the buyers lose hard-earned money in vicious cycles of litigation. PropSoch was started to overcome this issue.

Journey

● March 2022: The startup was incorporated

● May 2022: The website was launched and east Bangalore projects were covered.

● June 2022: The entire southeast Bangalore projects were covered. Along with that, their cutting-edge properties comparison tool was launched.

● July 2022: Funding was raised from strategic investors. The office was opened in Koramangala, Bangalore.

● August 2022: Entire North Bangalore projects were covered. The expert service for home buyers was launched.

● September 2022: Entire Bangalore is covered with more than 400 projects in the startup’s database.

● October 2022: The new website was launched with a specific focus on Expert services in the entire Bangalore.

Quick Overview

PropSoch flyer

Growth Rate

The focus since the inception of this Bangalore-based startup has been on user feedback. From October post the launching of its new website, the startup has been witnessing incredible response. PropSoch has already started generating revenue despite it being quite young.

Area of Operation

The startup is currently piloting and addressing the housing needs of people in Bangalore.

Services offered by PropSoch

The services offered by the startup are Vaastu expertise, Legal expertise, Home loans, Property Management, Floorplan expertise, Quality checking, Market expertise, Interior designing, and property comparison.

Market Penetration

While the operating market will take some time to develop, the performance market is providing the startup with enough traction for now. They are also developing BTL activities that will help them reach their customers at a lower cost.

Revenue Model

The clients come up to the team of PropSoch and hire them for the different services offered by the startup. As per the service(s) offered, a one-time payment is generated. Many clients also move on with the home loans provided by PropSoch. Much of the revenue comes from brokerage commissions that PropSoch earns by selling apartments via developers.

PropSoch screenshot

PropSoch Competition

While the prop-tech market is overcrowded, there are mostly agents for listing and brokerage purposes. There is no direct competition for PropSoch in terms of expert guidance which is the niche of the startup.

Business Type

The business model is B2C for this real estate startup. Some revenue streams are also coming from developers, hence making it a B2B model as well.

PropSoch Expansion Plans

The plan for PropSoch is to expand in the top 8 metro cities in the next 12 months and PAN India in the next 3 years.

SWOT Analysis

The strength of the startup is the expertise that the founder is carrying. They have a consumer-centric approach where the vision is to provide guidance to bridge the knowledge gap in the real estate market.

The weakness is that real estate startups require fast scaling and the startup is currently on its way to building a sales team.

PropSoch swot

The opportunity is immense as the market size in India is INR 65,000 crores, making it a contributor of 12% to the GDP.

The threat is potential competition but there is the first mover’s advantage that PropSoch is carrying, feels the founder.

PropSoch Funding

PropSoch is funded by some prominent angel investors like Mr. Mohit Malhotra, CEO of Godrej India, Mr. Bhasker Bhatt, Former CEO and MD of Titan India, and Mr. Lalit Makijani, Chief marketing officer for Godrej India. Some friends and family have also supported the founder’s vision.

PropSoch Founder

Ashish Acharya is the founder and CEO of the startup with more than 15 years of experience, including Godrej and Titan on his work profile. He has completed his PGDM in marketing and operations from the Great Lakes Institute of Management.

Rewards and Recognition

The startup is enlisted in the list prepared by StartUp India. They reached the finals of the HDFC Tech Innovators PropTech competition.

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What is the strength of Propsoch?

The strength of the startup is the expertise that the founder is carrying. They have a consumer-centric approach where the vision is to provide guidance to bridge the knowledge gap in the real estate market.

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