Alt DRX Raises $2.7 Million in Pre-Series A Round, Backed by Global Investors
PRNewswire
Bengaluru (Karnataka) [India], May 9: Alt DRX, India's first Tokenised Digital Real Estate Marketplace, announced today that it has successfully closed its Pre-Series A funding round, raising Rs23 crore ($2.7 million).The round witnessed participation from globally renowned institutions and marquee Indian investors, including Qatar Development Bank, Times of India Brand Capital, Hindustan Media Ventures, Zee Group, WeFounder Circle Angel Fund, nX Capital, and prominent angel investors such as Harsha Bhogle (Golden Voice of Cricket), Parthasarathy (Founder of Mindtree), and Richard Rekhy (ex CEO of KPMG India).
* Pioneering residential real estate tokenization platform wants to turn every Indian into a Property Investor, 1 SQFT at a time!
Alt DRX is on a mission to make residential real estate -- the world's largest and most stable asset class -- accessible to Middle India. Traditionally out of reach for many, residential real estate offers strong long-term returns, acts as a hedge against equity market volatility, and provides intrinsic safety and liquidity. Alt DRX democratizes this asset class by enabling middle India to buy and sell tokenized residential properties one SQFT at a time, powered by algorithmic daily pricing, instant settlements, and blockchain-powered transparency. Leveraging US based XRPL Ripple's blockchain infrastructure, Alt DRX ensures its KYC-whitelisted users' custodial ledger positions are securely recorded for delivering unmatched transparency and creating a trusted, programmable digital real estate ownership experience unlike anything seen before.
Boston Consulting Group & Ripple in a recent report estimated the RWA Tokenization market to reach $18 trillion by 2033, with Real Estate and Alternate Investment Funds (PE / VC / Hedge) being amongst the top 3 asset classes to be tokenized into tradeable digital assets. "We believe the next 100 million real estate investors will be digital-first and will invest dispassionately beyond their hometowns into in the best residential cities across India and the world," said Anand Narayanan, one of the Founders of Alt DRX. "Residential Real estate is entering its most profound disruption in decades -- Tokenised Digital Real Estate, liquid, transparent and tradeable. Alt DRX is not just innovating at the edges; we are reimagining the core of residential real estate investment for a digital-first generation."
Alt DRX is already part of the innovation sandbox of International Financial Services Centre Authority (IFSCA) at GIFT City in Gujarat India. Further its admission into Qatar Financial Centre's Digital Assets Lab marked a significant milestone in the company's aspiration to actively shape the future of a compliant, tokenized Real-World Asset (RWA) Tokenization marketplace.
About Alt DRX
Headquartered in Bengaluru and intending to operate from International Financial Centres such as GIFT City & Qatar Financial Centre, Alt DRX is at the forefront of financial innovation in South Asia and the Middle East. The Tokenization Marketplace, which was recognized by HDFC Bank & HDFC Capital as the one of India's Top 10 Tech Innovators, is growing at a run-rate of about 100,000 transactions per annum. Alt DRX's mobile app can be downloaded from Apple and Google play store.
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