About 67% of all court docket instances in India take care of land-related disputes. One of many foremost causes for these fights is that land possession right here has largely been based mostly on the occupancy of the property—presumptive possession—somewhat than the authorized proper to the title.
You probably have ever bought a property in India, chances are high that you’ve got needed to take care of complicated paperwork from a number of authorities departments to confirm property titles.
To deal with this subject, Sanjay Mandava, ZJ Lin and Jonathan Richards beganin 2022.
The Bengaluru-based proptech startup permits homeowners, brokers, builders, and authorized advisors to examine actual property data for constructing, lending, and transacting property.
Landeed says its platform helps customers search property titles 10X sooner than present processes. People can obtain paperwork about their land at a nominal price.
The startup launched a subscription mannequin about 4 weeks in the past in Telangana, whereby customers throughout the spectrum must pay Rs 199 per 30 days to obtain the paperwork.
“We’ll quickly be launching it in different states. In terms of authorities pricing, totally different governments cost totally different costs. For instance, the Telangana authorities expenses Rs 500 per property to lookup on the federal government app,” Sanjay provides.
Screenshot of the app
Sanjay says the inspiration to start out Landeed got here from his personal expertise in coping with encroachments on his property.
“India doesn’t have a standard database in the case of the paperwork—like title deeds—in regards to the buy of actual property. Every state has a special approach of manufacturing paperwork that then go by totally different names—doc quantity, survey quantity, circle fee , guideline worth—that change with every new state,” highlights Sanjay.
Along with this, the present processes for acquiring property particulars and conducting due diligence typically contain trying by way of totally different authorities departments and ready lengthy intervals to obtain paperwork.
How does Landeed work?
Customers can enter a selected survey quantity or their space to tug up a doc. Curiously, that’s really what the federal government additionally expenses for, nonetheless, the method takes time.
Over the previous 4 months, the corporate has seen over 1.7 million property searches on its platform. People have even obtained transaction trails for the previous 20 years.
Along with the doc, Landeed additionally gives a number of different information factors on a single display screen corresponding to guideline values, Encumbrance Certificates—a doc that reveals that the property in query is free from any financial or authorized disputes—amongst others.
As sourcing from the federal government takes time, customers discover it simple. Along with this, customers pay for doc aggregation.
Presently, the startup’s subscriber base consists of property brokers, actual property builders, legal professionals in addition to core shoppers seeking to purchase/promote land.
Final month, the startup raised Rs 19.5 crore ($2.5 million) in a pre-seed funding spherical led by Justin Hamilton (CEO, Clutterbot) Goodwater Capital, Olive Tree, Kunal Shah (CRED), Manmohan Chandolu, Chris Maurice (Yellow Card) , Christian Kaczmarczyk (Third Prime VC) and AVCF Fund and 9 YCombinator alum.
Presently, the startup is increasing the present $2.5 million spherical to $5 million attributable to excessive curiosity and oversubscription, Sanjay says.
Market alternative and development
The true property market is predicted to achieve $1 trillion in market dimension by 2030, up from $200 billion in 2021 and contribute 13% to the nation’s GDP by 2025.
Title insurance coverage is a type of insurance coverage that protects property homeowners and lenders from defects in possession.
“Title insurance coverage alone is a virtually $25 billion market within the US and has not too long ago been launched in India. We imagine there are rather a lot bigger segments to faucet in India past title insurance coverage and within the coming months, we’re planning to allow property title embedment on the blockchain,” the founders mentioned in a joint assertion.
Presently current in Uttar Pradesh, Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Maharashtra and West Bengal, Landeed is now increasing to different states.
“Our engineering groups are at present engaged on including extra states to the platform. Presently individuals are in a position to seek for property information throughout India by way of a single platform. We’re the one utility providing this function. Simply, 4 weeks in the past, we started monetizing our search engine and launched a subscription mannequin in Telangana the place customers must pay Rs 199 per 30 days,” he provides.
Landeed’s app has over 600,000+ installs throughout IOS and Android. The startup will quickly be including a function the place people can enter the property tackle, linking it to the survey quantity to assist people seek for their paperwork extra simply.
The founding crew
Sanjay, ZJ Lin and Jonathan have recognized one another for practically seven years, having based GoLorry–a platform geared toward consolidating the fragmented Indian trucking market right into a single service supplier. The platform checked out offering India’s first really immediate pricing on any route.
GoLorry is getting merged into DeFi pleasant digital banking firm ANQ Finance. All three founders are technical advisors and are helping within the transition course of.
Each Landeed and GoLorry have been a part of YCominator cohorts. GoLorry was part of YC W16 and Landeed is within the present S22 batch.
Landeed has a crew of eight individuals, with Co-founder Jonathan being the CTO caring for the back-end and architecting its engineering. ZJ is the Co-Founder and CPO main the front-end and development. Sanjay takes care of every little thing non-code.