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Less than 1% of Indian developers' topline is invested in technology, says Nirupa Shankar of Brigade Group
Brigade Group and Gruhas have launched the Earth Fund. The ₹300-crore SEBI-registered AIF invest in startups in real estate, construction, and sustainability
Less than 1% of developers' revenue in India is invested in technology, says Nirupa Shankar, Joint Managing Director of Brigade Enterprises. While the global prop-tech industry has attracted $110 billion, India has only invested $5 billion, Shankar said, noting that Indian developers still rely on manual processes, unlike global players who use AI, automation, and smart infrastructure.
“The global prop-tech industry has attracted nearly $110 billion in investment, while India lags behind with just $5 billion. Developers here still rely on manual processes, whereas global players have embraced AI, automation, and smart infrastructure to enhance efficiency and transparency,” Shankar told HT.com at the launch of the Earth Fund in Bengaluru. Brigade Group and Gruhas, the investment arm of Nikhil Kamath and Abhijeet Pai, have launched the Earth Fund, a ₹300 crore AIF focused on investing in PropTech and sustainability-driven startups under Zoiros Projects Pvt Ltd.
The ₹200-crore SEBI-registered Category II Alternative Investment Fund (AIF)—with an additional ₹100-crore green-shoe option—will focus on Pre-Series A and Series A startups innovating in real estate, construction, and sustainability. The fund plans to invest $1-2 million per startup, targeting ventures with a proven product-market fit that need capital to scale. Over time, it aims to build a portfolio of 10-15 startups, supporting them with initial funding and follow-on investments.
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An Alternative Investment Fund (AIF) is a privately pooled investment vehicle that collects funds from investors and invests in various assets beyond traditional stocks, bonds, and cash.
“We have already shortlisted around 15 startups and plan to deploy 50% of the fund within the first year, with the remaining investment spread over the next 2-3 years. So far, we have raised 60% of the total fund, with the rest expected to be secured in the next 6-9 months,” said Abhijeet Pai, co-founder of Gruhas.
The Earth Fund is backed by key industry figures, including Nirupa Shankar, Abhijeet Pai, Nikhil Kamath, and Mohan Parvatikar (Independent Director, Zoiros Projects Private Limited).
The fund will focus on breakthrough innovations in UrbanTech—covering prop-tech, construction technology, real estate solutions, and asset utilization—as well as sustainability-focused areas like climate tech, clean tech, smart mobility, and energy solutions. With multiple startups already under consideration, investment announcements are expected soon.
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Need for investment in proptech and sustainability in luxury real estate
Shankar noted that the construction and real estate sector accounts for nearly 20% of global water consumption and 39% of CO2 emissions. Despite this, Indian developers invest little in technological advancements, leading to outdated processes and inefficiencies. Shankar emphasized the need for greater adoption of green technology, including water and energy conservation.
Speaking about its impact on luxury real estate, Shankar pointed out that luxury and sustainability can go hand in hand. "We already see its implication in major office spaces where clients look for luxury and sustainable buildings; however, we see slow adoption when it comes to homebuyers---who often prefer luxury over green real estate," Shankar said.
"Through Earth Fund, we aim to bridge traditional real estate with emerging technologies, and we are accelerating ventures that redefine urban spaces, construction, and resource efficiency. Through strategic partnerships, we’re shaping a future where smart infrastructure, green buildings, and AI-powered urban planning become the new standard," Pai added.
