Startup Homesfy Realty Raises $1.1 Million; Files Draft Paper To Launch IPO
The proceeds from the proposed IPO will be used for working capital, general corporate purpose, and organic growth.
Proptech firm Homesfy Realty on Monday said it has raised $1.1 million (about Rs 8.97 crore) from investors to expand business and also filed its draft paper with SEBI to launch an initial public offer.
Mumbai-based Homesfy Realty Ltd. is engaged in providing real estate broking services to real estate developers, retail buyers/sellers and investors for residential and commercial space. It has an operational presence in Pune, Bengaluru, and Delhi-NCR as well. The company runs two platforms—Homesfy.in and MyMagnet.io.
Recently, the company has filed the draft red herring prospectus for its SME IPO with NSE Emerge. The proceeds from the proposed IPO will be used for working capital, general corporate purpose, and organic growth. The public offer comprises of issue of up to 8,05,200 equity shares.
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 said in a statement.
"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 & CEO at Homesfy.in & MyMagnet.io, said.
According to Housing.com, private equity investment in proptech firms rose 5% to $270 million during the January-June this year as the adoption of technology gains momentum in the real estate sector. Between January 2009 and June 2022, the proptech companies in India has received a total of $3.42 billion in PE funding.
In November last year, Bengaluru-based NoBroker.com raised $210 million from investors, at $1 billion valuation to become the first unicorn in proptech.
During this year, HDFC acquired a 7.2% stake in Loyalie IT Solutions Pvt. Ltd. (now Reloy), which helps generate referral sales and manage homebeuyers, for Rs 1.1 crore. Reloy had also raised Rs 5 crore from investors, including Inflection Point Ventures, to expand and grow its business.
Brokerage firm Xanadu Realty received a strategic investment from HDFC and HDFC Life Insurance Co. Ltd.