Incepted in 2016, Definite, an innovative startup in prop-tech space that provides fractional real estate ownership to investors in commercial real estate, started with an idea to democratize the real estate investment sector, the platform empowers people with fractional ownership and helps them build yield generating commercial real estate diversified across asset classes and geographies. The company’s state-of-the-art platform helps people get access to industry experts, informed by decades of CRE experience and proprietary methodologies. Varun Mohan – Founder and CEO, Definite talks exclusively to Rajneesh De, Consulting Editor, APAC News Network about Definite’s solutions and plans ahead.
What is the story behind the genesis of Definite?
Definite is founded with an aim to democratise CRE and make it as a new destination for the new age wealth creators. With the combination of technology, finance and real estate fractional ownership is bound to become one of the most disrupting way to build and preserve wealth.
What are the solutions and services in your portfolio?
Definite enables its users to access in income generating assets which also has a long term appreciation value. Through Definite, we provide:
Asset management – All the functions are completed by Definite, which can be easily accessed through one’s profile on the platform.
Easy access – Definite Platform provides easy access to some of the industry’s best income generating asset, which was earlier restricted too few.
Transparency – Through the platform, user can view the thoroughly vetted, due diligence completed asset which otherwise in Real Estate is not a norm for a common user. The aim is to provide wealth generating and preserving assets with a seamless experience for the new age user.
How is Definite using AI and facial recognition for the digital KYC Process?
Definite is using AI to identify the best assets using its AI technology for more than 50 data points which ensures in choosing good quality assets. For digital KYC Process to make the platform more secure for the users we use AI in Facial recognition for a robust user experience. Our KYC using video facial recognition can be completed in less than 5 minutes and secure a user’s profile, the whole verification process is done similar to Government’s guidelines for leading Banks, which includes PAN verification, Aadhar verification in addition to Facial recognition.
How would you define the highlights for Definite?
- Definite has transacted around 250 Cr into assets till now
- They have their physical presence in New Delhi, Gurgaon, Mumbai, Bangalore and Pune and plans to expand further by next year
- Definite is using the advance technology like AI and facial recognition for the digital KYC Process
- Definite is expanding its services in Data Centers & warehousing with the focus on CRE offices in the next year
- Given the situation, amid COVID the demand for the coworking space has escalated, and Definite is exploring its niche into the coworking space as well.
- Definite has a user base of more than 20,000 +
What is your business and revenue model?
Definite has a very basic business and revenue model. It includes one time transaction fee which ranges from 1-2% and for providing a complete bouquet of services annually such as managing the asset, Landlord representation, rent collection and distribution, maintaining all compliances of the SPV and filling the same Definite charges 1 % fee of the total value of the asset.
Who are your marquee customers? What is your user base?
Currently the users on Definite majorly comprises of U-HNI’s, C-suit executives, IT/ITeS professionals, Doctors, Merchant Navy personnel, Architects, Lawyers and family offices. Currently we have 25K+ users on our platform. Leading participation in order of maximum users come from Mumbai, Delhi, Bengaluru, Pune. Approximately 10-12% users are NRI.
How are you expanding?
We are currently looking for expansion Asset wise and geography wise, we have in pipeline some interesting asset class such as Data Centre upcoming for our users. We are already present in Mumbai, Delhi, Bangalore, Pune, Gurugram.
Given the situation, amid COVID the demand for the coworking space has escalated, how is Definite exploring its niche into the co-working space?
In fact COVID has acted as a catalyst for Definite, the growing market for co- working spaces has created a new income generating asset class supported by the new policies of some Big Corporate companies and even the new startup culture which has escalated the market, people want to be part of this co-working ecosphere and through Definite this is something possible even more conveniently at a click of a button.
What are going to be your key focus areas in the next few quarters?
Our key focus areas are to diversify asset class wise with a broad range of assets ranging from Grade A offices to co-working spaces to warehouse to data centres and industrial manufacturing which can be able to generate good yields. Another is to diversify Location wise to some of the upcoming locations such as Bangalore, Gurugram, Pune, Delhi and Mumbai.