JLL Announces Winners of India’s Biggest Proptech Challenge
JLL, leading real estate and property investment management consultants, which is running the country’s biggest Proptech accelerator programme, JLL IDEAs along with Invest India, the national investment promotion and facilitation agency, under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, has selected three leading real estate technology companies – Wegot Utility Solutions, Facilio and Reomnify – for further funding and mentorship. The consultant also announced a special award to Drona Technologies for showcasing best in class tech innovation for social change.
JLL IDEAs is India’s biggest real estate proptech accelerator that will continue to promote startups working on cutting edge, disruptive technologies and solutions impacting developers, investors and occupier clients in the country.
The company said, JLL will invest up to a crore in these companies and will provide mentorship from real estate leaders, offer incubation opportunities and client meetings to test and pilot their solutions in a real world environment. A portion of the funding will come from Silicon Valley-based venture capital arm of JLL, JLL Spark. With US$100 million of investment fund, JLL Spark is focused on creating new products, investments and supporting startups in the real estate tech industry. All three companies selected offer technologies that can be used across multiple geographies and segments of real estate business.
The winner, Wegot Utility Solutions offers VenAqua, an IoT water management platform that enables real time data driven and automated decision making to reduce the demand for water and increase the efficiency of the water infrastructure in every property. The solution not only reduces the water consumption by up to 50 per cent and cuts down maintenance cost by more than 30 per cent.
The first runner up, Facilio uses IoT to connect existing building automation systems with everyday facility workflows empowering FM workforce with real-time actionable insights. It provides prescriptive AI-driven insights to every building stakeholder (owners to FM to technicians) to proactively manage asset performance. It also applies machine learning to predictively analyse the performance of high-value assets and fine-tune energy efficiency.
The second runner up, Reomnify uses location-based intelligence to help clients to make an informed decision on expansion and setting up of offices. Constellation award winner, Drona Technologies has a sewage pipe cleaning robot that can be used to clean drain pipes and remove scaling from sewers.
Ramesh Nair, CEO & Country Head-India, JLL, said, “I am delighted to announce the winners of JLL IDEAs, who have excelled on all parameters of the selection committee, and have bagged the top slot in country’s biggest proptech accelerator programme. I sincerely thank our jury members, partners for their continued support. Along with our partners, Invest India, AGNIi and Startup India, we will continue to work along with the winners and help them scale up and grow across geographies.”
Albert Ovidi, COO-Asia Pacific and Managing Director-Property and Asset Management, Asia Pacific, JLL, said, “India’s property technology and startup ecosystem has immense potential to grow. There is huge opportunity for all kinds of meaningful players, who wish to help the sector in several ways and bring efficiency in the market. This opportunity continues to draw investors’ attention to India’s nascent property technology market.”
Sandeep Sethi, Managing Director-Corporate Solutions, West Asia, JLL, said, “While we have selected the top three property technology startups, we will continue to nurture more such emerging tech innovations in real estate sector in future under JLL IDEAs. True to its name, JLL IDEAs will continue to promote tech adoption in real estate sector in years to come.”
Prior to the final round conducted, the judges had identified 15 finalists through the jointly conducted hackathons in Bengaluru and New Delhi, respectively.