Homesfy Realty raises $1.1 million from investors; files draft paper to launch IPO
- ByStartupStory | November 29, 2022
Homesfy Realty, a company that develops real estate technology, has raised $1.1 million from Girish Gulati, Dnyanesh Bhatavadekar, Neha Idnany, Yogesh Bagaria, and Amit Bagaria, early-stage growth investors.
The company has submitted its draft red herring prospectus (DRHP) for an SME IPO with NSE Emerge in preparation for its planned listing on Indian bourses. The company stated in a statement that the funds from the proposed offering will be applied to its working capital needs, general corporate purposes, and organic expansion.
“Real estate is poised to be a $1.5 trillion industry shortly. 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,” stated Girish Gulati, who is a veteran investor in the public equity markets. Gulati has helped numerous small businesses grow while assisting them with his extensive network and knowledge.
“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 have 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 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,” stated Ashish Kukreja, Founder & CEO at Homesfy.in & MyMagnet.io.
At the moment, Homesfy has offices in Mumbai and is functioning in four Indian cities, including Pune, Bengaluru, and Delhi NCR. The company partners with all reputable builders in the nation to support their real estate sales and have a workforce of close to 400 employees. The business has just started the process of purchasing EQServ, a Mumbai-based real estate brokerage company that has been assisting category A+ developers in the city with the sale of residential properties.
Homesfy, which was founded ten years ago, quickly attained financial independence and grew to support bookings on its platforms worth Rs 1,650 Cr in its most recent fiscal year.
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