Sotheby’s invests ₹5.5 crore in data analytic firm CRE

NEW DELHI: Property consultant India Sotheby’s International Realty (ISIR) on Sunday said it has made a strategic equity investment in Mumbaibased data analytic firm CRE Matrix to offer better advisory services to clients.

The company did not disclose the amount it has invested and the percentage of the stake it has acquired in CRE Matrix. “We have raised ₹5.5 crore from India Sotheby’s International Realty. We had earlier raised ₹2 crore from angel investors,” said Abhishek Kiran Gupta, chief executive officer (CEO) and co-founder, CRE Matrix. The money will be used to expand business in more cities and hire people, he said.

ISIR said it has made a strategic investment to “increase synergies, improve data processing and sharpen analytical skills in the property market”. This will enable the company to draw on analytics of CRE Matrix in resicompelling dential- commercial real estate and undertake more analyticsbased transactions and advisory services.

ISIR will provide CRE Matrix valuable inputs and insights on product development, with its vast domestic and international client interface experience. Gupta said ISIR has picked up a minority equity stake in the CRE Matrix but did not share the exact shareholding. “I see tremendous synergy in this association, not only from a complimentary business perspective but also on the highly competent and supplementary human capital strength,” he said. The two brands together will create many new systems, products, and services within proptech, he said.

“CRE Matrix will enhance our ability to bring new products to the market using big data, deep learning and natural language processing technologies to store, retrieve and analyse data points across millions of real estate transactions,” said Ashwin Chadha, president, ISIR.