hBits to buy Rs 18 crore office asset in Mumbai

NEW DELHI: Startup hBits, which facilitates fractional ownership of commercial space to investors, on Wednesday said it will raise around Rs 18 crore from High Net worth Individuals (HNIs) for the acquisition of an office asset in Mumbai. The company also announced that it has raised an undisclosed amount of angel funding from investors.

The investors included Ambit founder Ashok Wadhwa Family Office, Patni Family Office, Managing Director of an International Property Consultant, Tushar Mehendale, Amith Agarwal, Haptik co-founder AakritVaish, Amitabh Nagpal (AWS Head of Startup Ecosystem), Shree Naman Group, Skillmatics founder Dhvanil Sheth Arjun Vaidya.

In a statement, hBits said it has launched a commercial property worth Rs 18 crore for investors. The company has acquired two floors in the asset and will raise the investments from the investors.

hBits said the asset, located in Andheri East, is already leased to French firm Mane. The property will offer a rental yield of 10.04 per cent to the investors.

The start-up has already achieved investments worth Rs 100 crore from its already six existing assets.

Shiv Parekh, Founder, hBits said, “We are planning to bring in atleast 40 new properties and achieve Asset under Management to Rs 1,000 crore and will be expanding to six cities by end of next year.”

The latest offering would give 10.04 per cent entry rentals, which is the highest in the country as far as commercial office space is concerned in the fractional ownership industry.

Ankush Ahuja, Director, Investments, hBits said, “Fractional ownership is a unique product which offers steady income and is a must investment for people who are trying to generate additional recurring income.”

hBits has registered 20,000+ customers on its platform. The company is using machine learning and blockchain technology to create transparency of information and increase the ease and security of transactions for the investors.