Alt DRX describes itself as India's first direct-to-consumer asset tokenisation marketplace for residential property. The platform converts real estate into digital tokens on the XRP Ledger (XRPL), a public blockchain and settlement layer with a native decentralised exchange, and sells those tokens in units as small as one square foot. That ₹10,000 floor deliberately targets salaried workers and first-time investors in what Alt DRX calls "middle India," a segment priced out of property markets in Bengaluru, Mumbai, and Hyderabad, where even a modest residential stake has historically required ₹30 lakh or more upfront. The platform recently expanded into assisted-living real estate through a partnership with Manasum Senior Living, and has received recognition including the Best WealthTech Platform award at Global Fintech Fest 2025 and a place among India's 10 Tech Innovators named by HDFC Capital.

The company reports roughly ₹35 crore (about $4.2 million) in annual recurring revenue and processes approximately 425,000 transactions per year. It closed a pre-Series A round of $2.7 million in May 2025, drawing backing from Qatar Development Bank, Times of India Brand Capital, Hindustan Media Ventures, Zee Group, WeFounder Circle Angel Fund, nX Capital, and several angel investors including cricket commentator Harsha Bhogle and Parthasarathy, a founder of Mindtree.

Total growth capital raised stands at approximately ₹45 crore. Alt DRX holds a Token Service Provider licence from the Qatar Financial Centre (QFC), making it the first Indian fintech licensed for asset tokenisation beyond Indian shores. Indian real estate tokenisation competitors such as Strata, hBits, and PropShare have not obtained a comparable cross-border token service licence. Alt DRX also participates in the IFSCA innovation sandbox at GIFT City in Gujarat, the designated international financial services zone where India permits cross-border fintech experiments.

Kohli joins a board whose composition reads less like a startup advisory panel and more like a regulatory negotiation team. The chair is GN Bajpai, former chairman of both SEBI (India's securities regulator) and LIC. Other members include Richard Rekhy, a former CEO of KPMG India who also holds an angel investment stake in Alt DRX; a former Deputy Managing Director of IDBI Bank; a former chairman of HSBC Technologies India; and Ananth Ravi, a veteran of Reliance Industries.

Anand Narayanan, co-founder of Alt DRX, framed the logic plainly: "We believe that the credibility of our governance structure is as important as the credibility of our technology." Bajpai described the governing philosophy directly, stating: "Alt DRX's Advisory Board has been assembled on one principle: bringing together minds who have actually built institutions."

Kohli, in a statement, pointed to housing as "the most aspirational asset class in India" and called it one that has remained out of reach "for many Indians."

The regulatory context explains why that governance structure matters so much. India does not yet have a domestic legal framework specifically for real estate tokenisation. Platforms operating in this space must navigate three overlapping authorities: RERA, which governs property and developers; SEBI, which governs securities and introduced Small and Medium REIT regulations in March 2024; and RBI and FEMA rules covering cross-border capital flows. India's Finance Act 2022 imposed a 30 percent tax plus 1 percent tax deducted at source (TDS) on virtual digital assets, providing implicit recognition without explicit clarity. A more acute domestic risk is the potential classification of tokenised pooling arrangements as unlicensed Collective Investment Schemes under Section 11AA of the SEBI Act, a designation that carries both enforcement and criminal liability exposure. Blockchain entries also cannot legally substitute for statutory property registration under the Registration Act, a gap that current licences do not resolve.

Legal analysts do not expect SEBI to publish a dedicated RWA tokenisation framework before roughly 2027. Until then, platforms like Alt DRX occupy a grey zone, with GIFT City and QFC licences offering partial cover but not a full domestic securities licence.

For investors and developers outside the United States, the more immediate relevance is regional. Non-resident Indians in Gulf Cooperation Council countries represent, according to RBI remittance data and World Bank reporting, one of the largest pools of remittance capital flowing into Indian real estate. Alt DRX is seeking IFSCA consent to offer USD-denominated offshore tokenisation, which would create a FEMA-compliant channel for diaspora investors to hold fractional Indian property. The QFC licence, combined with Qatar Development Bank's early backing, suggests to analysts that Doha is being positioned as a secondary hub for that access.

Kohli's own career history is relevant here: his Bharti Airtel tenure was specifically focused on Asian and African expansion, covering more than 16 African markets. Analysts note that those institutional relationships across the Gulf, East Africa, and Southeast Asia could extend beyond symbolic governance value for a platform actively pursuing cross-border capital flows.

On the technical side, XRPL settles transactions in roughly three to five seconds at a cost of around $0.0002 per transaction, which makes the platform's high-frequency, low-value fractional model practically viable. Alt DRX's tokens are real estate security tokens, not freely traded cryptocurrency assets, and they do not appear on CoinGecko or DefiLlama. On-chain activity tied to XRPL issuers can be tracked via xrpscan.com, though Alt DRX has not publicly disclosed its specific issuing address.

The broader RWA tokenisation market, which converts physical assets into blockchain-based ownership instruments, was valued at approximately $297 billion globally in 2024. A report co-published by BCG and Ripple, whose XRP Ledger underpins Alt DRX's infrastructure, projects that figure reaching $18 trillion by 2033. Independent analysis from NextMSC projects the market reaching approximately $9.43 trillion by 2030, reflecting a compound annual growth rate of 72.8 percent.

India's share of that market remains nascent, but Alt DRX's first-mover QFC licence and its deliberate assembly of a regulator-facing advisory board suggest the company is building for the policy environment it expects to exist in three to five years, not the one that exists today.