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hBits closes Commercial Property deal worth INR 40 crores through its platform

hBits closes Commercial Property deal worth INR 40 crores through its platform

The company expects to break-even in the second year of its launch

New Delhi / Mumbai, January 18, 2021:hBits, a tech-enabled real estate company offering fractional ownership (FA) to investors; announced that it has successfully closed a commercial property deal worth INR 40 crores. It has received investments worth INR 40 crores in the properties pre-leased to two global companies ATPI and Ingenico Group.

The experienced start-up has already achieved investments worth INR 60 crores and has registered 10,000+ customerson its platform. The company is using machine learning and blockchain technology to create transparency of information andincrease the ease and security of transactionsfor the investors.

 

 

Shiv Parekh, Founder, hBits said, “This is a historic moment for hBits, we thank our investors for their faith in our capabilities. We have a target of INR 100 crores investment by the end of this fiscal. With this single transaction, we are close to our targets and will be able to deliver even better returns to our investors. We expect to break-even in the second year of our operations.”

“Investment through fractional ownership is still at a nascent stage. Overall investment in India in commercial real-estate through FA stands at 800 crores and is growing at a dynamic pace of 200%. Fractional Ownership suits investors who want to generate a better return than a benchmark index by investing in the right property at a really good price”, he further added.

During Covid, there has been a rise in fractional ownership as an investment option. It offers steady and secured returns which are far better than bank interest FD returns.

Ingenico Group is a France-based company which is partner to financial institutions, e-commerce, small merchants and major retailers.In 2020, Ingenico e-payments merged with Worldline, the 4th largest player in payment services worldwide.The company provides smart, trusted and secure payment solutions across in-store, online and mobile channels. Ingenico has led the payment industry for more than 30 years to become a global leader in seamless payment.

ATPI is an International manpower logistics, travel and events management company International travel and events management company which services all key industries, especially in marine, oil &gas, and professional services sectors. It is one of the world’s leading and long-established global travel management and events business company. Intermediate Capital Group plc (ICG) is the third private equity owner of ATPI, after Equistone Partners Europe and LDC, the private equity arm of Lloyds Banking Group.

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