Alt DRX Raises $2.7 Million to Expand Business
To grow its company, Alt DRX, a tokenized digital real estate marketplace, has raised $2.7 million, or around Rs 23 crore.
"Closed its Pre-Series A funding round, raising Rs 23 crore ($2.7 million)" was the company said.
In addition to angel investors like Richard Rekhy (former CEO of KPMG India), Harsha Bhogle (Golden Voice of Cricket), and Parthasarathy (Founder of Mindtree), the round saw participation from investors such as Qatar Development Bank, Times of India Brand Capital, Hindustan Media Ventures, Zee Group, WeFounder Circle Angel Fund, and nX Capital.
With the use of algorithmic daily pricing, rapid settlements, and blockchain-powered transparency, Alt DRX seeks to democratize the residential real estate market by allowing users to purchase and sell tokenized residential properties one square foot at a time.
One of Alt DRX's founders, Anand Narayanan, stated that the money will be used for marketing, technology, residential asset purchases, and licensing costs.
Alt DRX, which has its headquarters in Bengaluru, processes over 100,000 transactions annually.
According to Narayanan, the company's residential properties on the market generate rental income for the investors. Only the mobile application digital platform allows investors to sell the square footage of space they have purchased.
Alt DRX, which was founded by Anand Narayanan, enables users to buy tokenized residential real estate units by square foot. Blockchain technology and an algorithmic pricing methodology are used to settle transactions.
It keeps a custodial ledger for users who have been KYC-approved and runs on the XRPL Ripple blockchain. Digital ownership and transaction records are supported by this system.
Alt DRX also takes part in IFSCA's innovation sandbox at GIFT City and has joined the Digital Assets Lab at Qatar Financial Center.
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Real estate is one of the major sectors of the tokenization of real-world assets, which could reach $18 trillion by 2033, according to a report by BCG and Ripple. Currently, Alt DRX processes over 100,000 transactions annually.