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Exclusive: Rainmatter, Kunal Shah back NestAway co-founder’s new startup The Land Bankers

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Exclusive: Rainmatter, Kunal Shah back NestAway co-founder’s new startup The Land Bankers

Amarendra Sahu, former co-founder of home rental platform NestAway, has raised Rs 8 crore in a seed funding round for his proptech startup The Land Bankers (TLB). The round was led by Zerodha-backed Rainmatter, with participation from angel investors including Kunal Shah, Abhishek Goyal, and others.

In October last year, the company's board approved the issuance of 1,597 compulsorily convertible preference shares (CCPS) at an issue price of Rs 49,764 each to raise Rs 8 crore in fresh capital, according to regulatory filings accessed by Entrackr.

Zerodha-backed Rainmatter led the seed round with an investment of Rs 6 crore, followed by Ashish Gupta, who invested Rs 1 crore. K2 Capital contributed Rs 50 lakh, while CRED founder Kunal Shah, through Qed Innovations Labs, and Tracxn co-founder Abhishek Goyal also participated in the round.

According to Entrackr's estimates, the company is valued at approximately Rs 67 crore following the seed round. The company plans to use the proceeds to meet working capital requirements, fund capital expenditure, and support the expansion of its business operations.

Founded by Amarendra Sahu, The Land Bankers is a proptech startup that leverages artificial intelligence to simplify land title verification, ownership due diligence, and dispute resolution. The company offers a digital platform that aggregates land records, title verification, dispute checks, legal assistance, and property monitoring services to bring greater transparency and efficiency to land transactions.

Following the fresh allotment, Rainmatter held a 9.03% stake in the company. Amarendra Sahu remained the largest shareholder with a 65.48% stake, followed by the ESOP pool, which accounted for 13.20% ownership. Ananda Chandra Sahu held 7.48%, while K2 Capital, Ashish Gupta, Jogamaya Mishra, QED Innovation Labs LLP, and Abhishek Goyal owned 1.87%, 1.50%, 0.75%, 0.45%, and 0.22% stakes, respectively.

For context, Amarendra Sahu's exit from NestAway was marred by a legal dispute, during which he filed an FIR against the company's investors including Tiger Global, Goldman Sachs, and Chiratae Ventures, as well as co-founders Jitendra Jagadev and Smruti Parida, alleging cheating, forgery, and criminal breach of trust.

 



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