Gurugram-based asset management firm, MPowered has raised $21 million, as a part of its pre-series A round, from a group of US-based ultra-rich individuals with real estate veterans Ashok Nichani and Shelly Nichani leading the round.

The funding will be used by the firm to take on new verticals of real estate such as warehousing, residential and commercial spaces. A portion of the funding amount will also be used to develop tech-solutions that will enable ease-of-use in day-to-day real estate transactions and management.

“This fundraise will be a great head-start to MPowered’s journey as India’s most futuristic asset-management firm that converges deep-rooted understanding of Indian real estate and thorough knowledge of global real estate concepts from countries including USA, Canada, Germany, Poland and the UK among others,” said Sudeep Singh, Founder & CEO, MPowered.