Funding will support the firm's expansion across multiple cities in India and fructify its plans to enter international markets
Mumbai-based real estate company Homesfy Realty has raised $1.1 million from early-stage growth investors Girish Gulati, Dnyanesh Bhatavadekar, Neha Idnany, Yogesh Bagaria, and Amit Bagaria.
The company is planning to list on the Indian bourses and has filed its draft red herring prospectus (DRHP) for SME IPO with NSE Emerge. The proceeds from the proposed offering will be used by the company for its working capital requirements, general corporate purpose, and organic growth, the firm said in a statement.
"Real estate is poised to be a $1.5 trillion industry in the near future. As real estate developers consolidate market share via launches and construction velocity, they need the right partners to drive sales. Through the use of proprietary technology tools, rigorous processes, and talented sales agents, Homesfy simplifies the home-buying experience and is positioned to lead the channel partner sales for all major developers across India," Girish Gulati, the veteran investor in the public equity market said while addressing his decision to invest.
“Buying a home for personal use or as an investment continues to be a popular choice in the country. Due to the pandemic, even the reluctant youth has realized the advantages of investing in hard assets. This, coupled with the regulatory framework coming into the real estate sector through RERA, has paved the way for a growing interest in real estate transactions. We, at Homesfy, started our journey with the aim to simplify the home-buying process. With the new strengths coming in and this fund-raise, Homesfy is committed to delivering growth to its employees and investors and satisfactory services to its customers,” Ashish Kukreja, founder and CEO at Homesfy. in and MyMagnet.io told in a statement.
Homesfy has its operational presence in 4 cities in India including Pune, Bengaluru, and Delhi NCR. With a team strength of nearly 400 employees, the firm claims to work with reputed builders in the country to facilitate their real estate sales.
Recently, the company has initiated the process of acquiring EQServ, a Mumbai-based real estate broking firm that has been facilitating residential property sales for category A+ developers across the city.
Founded a decade ago, Homesfy claims to facilitate bookings totaling Rs 1,650 Cr on its platforms in the last financial year.