New Delhi, Dec. 2 -- HDFC Capital, the real estate investment arm of HDFC Group, has come in as a limited partner (LP) in Brigade Enterprises and Gruhas' proptech fund, the company said in a statement.

Apart from committing Rs 20 crores (around $2.2 million) to the Earth Fund, HDFC Capital has acquired a minority stake in Zoiros Projects Private Limited, the entity that houses the proptech fund.

Anchored by Brigade Group and Gruhas, the Earth Fund is a proptech-focussed Category II Alternative Investment Fund (AIF) that aims to back early-stage ventures that are looking to redefine the built environment.

The fund works as a long-term strategic partner working closely with portfolio companies to shape the future of real estate through technology-led development by enabling access to developer networks, industry expertise and real-world deployment opportunities, the statement said.

"HDFC Capital's participation reaffirms our belief that prop tech has transitioned from experimentation to essential infrastructure. HDFC Capital's deep understanding of real estate financing and proptech combined with Earth Fund's startup ecosystem creates a powerful platform for founders building transformative solutions," said Nirupa Shankar, general partner, Earth Fund.

"The world is on the verge of a major transformation as AI, evolving consumer expectations and new health demands reshape how we design, build and live in our spaces," said Abhijeet Pai, general partner, Earth Fund.

"India has a vibrant start-up ecosystem that continues to develop innovative solutions enhancing efficiencies across the built environment. HDFC Capital's H@ART platform, established in 2019, was created to invest in, mentor, and partner with companies focused on driving such efficiencies. Our strategic partnership with Earth Fund is a natural extension of this commitment," said Vipul Roongta, chief executive officer, HDFC Capital, and Manish Agarwal, associate principal - Investments and Strategy, HDFC Capital.

Earth Fund, anchored by Brigade Group and Gruhas, is India's only specialist venture platform focused on proptech and climate-forward real estate innovation.

Published by HT Digital Content Services with permission from VC Circle.