Executive Overview
- The Indian proptech sector experienced a revival in 2025 after the 2023 downturn
- Total funding raised in 2025: $552.14 million across 32 deals
- Focus shifted toward full-stack and transaction-led models away from classifieds-only platforms
- Sector driven by AI, data analytics, and automation adoption
Year-on-Year Funding Trends (2021-2025)
YearTotal FundingTrend 2021 – $1.56 billion
Peak funding year 2022 – $680 million 56% decline 2023 – $126.7 million Lowest point (81% decline) 2024- $503.5 million Recovery begins (297% growth) 2025 – $552.14 million Sustained growth (10% increase)
2025 Funding Breakdown
Deal Distribution:
- Growth/Late stage: 11 deals worth $478 million
- Early stage: 17 deals worth $74 million
- M&A deals: 2 (undisclosed amounts)
- Undisclosed deals: 2
Top Funded Companies (2025):
- Infra.Market – ~$175 million (31.7% of total funding)
- OYO – Significant funding (specific amount not disclosed)
- WeWork India – Pre-IPO funding
- IndiQube – Pre-IPO funding
- Smartworks – Pre-IPO funding
- Square Yards – $35 million
Sector-wise Funding (2020-2025)
Segment Total Funding Major Players
Hospitality: $956 million OYO ($900M+), Treebo, FabHotels
Construction Tech : $626-670 million*Infra.Market, Brick & Bolt
Real Estate : $535-538 million*Square Yards, NoBroker, PropShare
Mortgage & Finance : $352 million Urban Money, BankBazaar, PaisaBazaar
Co-working : $299-300 million (26 deals)Awfis, Smartworks, IndiQube, Table Space
Interior Design : $224 millionLivspace, Interior Company, HomelaneFurniture Rental$219 millionFurlenco, Rentomojo\
Co-living : Data mentionedStanza Living, Amber, Colive
M&A Activity (2025)
Only 2 deals completed:
- Livspace acquired Abby Lighting (Mumbai-based LED lighting solutions) – Cash-and-stock deal
- Incuspaze acquired VSKOUT (B2B SaaS for commercial real estate data analytics)
IPO Landscape
Completed IPOs:
2024:
- Awfis – First co-working IPO (May 2024) – Raised ₹599 crore
2025:
- Smartworks – Listed
- IndiQube – Listed
- WeWork India – Listed
- DevX – Listed
Upcoming/Planned IPOs:
Co-working Segment:
- Table Space – Eyeing $2.5 billion valuation
- Bhive
- Stylework
- Incuspaze
Other Segments:
- OYO (PRISM parent) – Filed confidential draft papers with SEBI, targeting $7-8 billion valuation
- Square Yards – Preparing for IPO
- Infra.Market – Expected to go public
- Furlenco – Expected to go public
- Rentomojo – Expected to go public
Square Yards Integrated Model Metrics
Transaction Volumes:
- Homes Sold: $7.5 billion+
- Loans Disbursed: $23 billion+
- Interior Projects Delivered: 7,000+
Growth & Performance:
- CAGR: 50%+ over last 4 years
- Profitability: Achieved EBITDA profitability
- Unit Economics: Superior compared to competitors
Integrated Ecosystem:
- Real Estate Services → Customer acquires property
- Urban Money (Loans) → Seamless financing handoff
- Interior Company → Interior design for new home
- Cross-selling benefits: Warm lead handoffs, lower CAC, enhanced LTV
Key Takeaways
- Market Recovery: Proptech funding rebounded from $126.7M (2023) to $552M (2025)
- Concentration: Infra.Market alone captured 31.7% of 2025 funding
- Sector Dominance: Hospitality led cumulative funding ($956M), driven primarily by OYO
- Co-working Boom: 4 IPOs in 2024-2025 5 of top 10 revenue generators are co-working firms Multiple IPOs in pipeline
- Model Shift: Clear investor preference for full-stack models over classifieds-only platforms
- Revenue Advantage: Full-stack models earn 10-20x more per customer than classifieds
- Limited M&A: Only 2 consolidation deals in 2025, indicating fragmented market
- IPO Pipeline: Strong public market interest, especially in co-working and hospitality
- Challenges Persist: Affordable housing lacks private participation Cash transactions still prevalent Opaque pricing in certain segments
- Future Outlook: Sector needs government reforms to unlock full potential for economic growth
Data Sources & Methodology
- Report compiled by Entrackr
- Data as of December 2025
- Covers period: 2020-2025 (with focus on 2025)
