BENGALURU: Property developer Brigade Group is working on an incubation centre for startups in the real estate space. The programme is expected to be operational by the middle of this year. The company will mentor about 10-12 start ups in the first phase and fund them with investments of Rs 2-3 crore each.
“We are starting in a slow way and are looking at companies in residential, hospitality or retail space,” Brigade Hospitality director Nirupa Shankar told TOI. Brigade is looking to find startups that through their technology would help the developer improve efficiency and material management.
“Technology such as building management software or material management software is really exciting. If you are able to reduce wastage at sites by even 2%, it would significantly improve profitability,” Shankar said.
The company aims to fund ventures at an angel stage and ideally exit at Series A round. It will, however, have the option to invest further or buy the firm. Nirupa Shankar, who is the daughter of chairman M Jaishankar, said Brigade is building a startup assessment team of 4-5 people comprising a legal counsel, a financial advisor and an auditor.
The programme duration will not be more than 18 months. The incubation centre would be set up at the Sheraton Grand hotel, which is part of the Brigade Gateway project in Rajaji Nagar.
Credits ET Realty