Around 60% of legal cases in India involve land-related dispute. One of the main reasons for these fights is that land ownership here has largely been based on the occupancy of the property–presumptive ownership–rather than the legal right to the title.
If you’ve ever purchased an investment property in India you’re likely to find you’ve dealt with confusion-inducing paperwork from several government agencies to confirm the title of the property.
To tackle this issue, Sanjay Mandava, ZJ Lin, and Jonathan Richards started Landeed in 2022.
Landeed claims its platform can help users locate property titles 10x faster than other methods. Users can obtain documents regarding their property for a minimal cost.
The company launched an option for subscriptions about just four weeks ago, in Telangana users from across all categories would be required to pay 199 rupees per month for the privilege of receiving the documents.
“We are soon to launch the program in other states. In terms of prices for government services, different governments have different pricing. For instance the Telangana government is charged Rs 500 per house to search on the app of the government,” Sanjay adds.
Sanjay claims that the idea to launch Landeed was a result of his personal experiences with property encroachments.
Additionally there are other processes that exist to obtain property information as well as conducting due diligence typically require looking through various government departments and waiting for long times to receive the documents.
What is the process behind Landeed function?
Users can type in a survey number or area to access a report. In fact, this is the same thing that the government charges for, though the process can take a while.
In the last four months the company has witnessed more than 1.7 million searches for properties on its platform. Some users have been given transaction reports over the last 20 years.
The document is not the only one. Landeed offers a variety of other information details in one screen like the guideline values, the Encumbrance Certificate, a document that proves that the property is not subject to any financial or legal issues, among others.
The current clientele includes real estate brokers, property developers lawyers, and the majority of consumers who want to purchase/sell property.
In the month of March, the company raised over Rs 19.5 crore ($2.5 million) through a pre-seed capital round that was led by Justin Hamilton (CEO, Clutterbot) Goodwater Capital, Olive Tree, Kunal Shah (CRED) Manmohan Chaudolu, Chris Maurice (Yellow Card), Christian Kaczmarczyk (Third Prime VC) and AVCF Fund and nine YCombinator alumni.
At present, the company is expanding its current $2.5 million funding round up to $5 million because of an increase in interest and an oversubscription rate, Sanjay says.
Growth and market opportunity
It is anticipated to grow to $1 trillion in 2030 which is up from 200 billion by 2021. The market is expected to contribute 13% of the nation’s GDP by 2025.
The title insurance policy is type of insurance that shields homeowners and lenders from a variety of defects in the ownership.
“Title insurance alone is a nearly $25 billion market in the US and has recently been introduced in India. We believe there are a lot larger segments to tap in India beyond title insurance and in the coming months, we are planning to enable property title embedment on the blockchain,” the founders say in an announcement jointly.
Presently In Uttar Pradesh, Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Maharashtra and West Bengal, Landeed is expanding to other states.
“Our team of engineers is currently working to add additional States to our platform. At present, users can look up property information across India on a single platform. We are the sole application with this feature. About four days ago, we launched the process of making money from our search engine. We also launched a subscription model in Telangana which requires users to pay Rs . 199 each month.” He adds.
The app is available for over 600,000+ users on IOS as well as Android. The startup is soon adding a feature that allows users are able to enter their address and then link it to the survey number in order to aid users in finding their documents easier.
The team that formed the foundation
Sanjay, ZJ Lin and Jonathan have been in contact for more than seven years. They founded GoLorry, a platform designed to unite the scattered Indian trucking market into one single service company. It was designed to provide the first instant pricing for India for any route.
GoLorry is merging into DeFi friendly digital bank ANQ Finance. The three founders of the company are all technical advisors, and they are helping with the transition process.
Each of Landeed and GoLorry were members both of YCominator cohorts. GoLorry was participant in YC W16. Landeed is currently in the S22 cohort.
Landeed has a staff consisting of eight employees and Co-founder Jonathan as the CTO responsible for the back-end as well as directing the engineering. ZJ co-founded the company and is also CPO in charge of front-end development and expansion. Sanjay is in charge of all things other than code.