Ivy Homes bags $7 million in its seed funding round from Khosla Ventures and others

• ByStartupStory     |    June 7, 2022

Ivy Homes, a prop-tech business, said on Monday (June 6) that it has secured $5.75 million in equity and $1.3 million in debt in a seed round led by Khosla Ventures, Venture Highway, Y Combinator, GFC, Foundamental, Better Capital, and Titan Capital. The funding will be used to improve product development and increase recruiting at the firm.

Abhilash Narahari, cofounder of Ivy Homes said that the funds secured are a significant step towards realising the aim of providing transparent real estate solutions. With the company’s proprietary data and pricing engine, it wants to turn a difficult, unpleasant, and month-long struggle into a transparent and predictable process.

The firm, founded in 2021 by Narahari and Pritam Thakur, uses a unique artificial intelligence (AI) and machine learning (ML)-backed algorithm to provide homeowners with quick liquidity. The programme promises to predict a property’s market worth based on 80 variables and then make fast bids to purchase properties.

The startup manages the full transaction lifecycle, from house inspection through legal diligence, and finally to close and payment. It then renovates the property before reselling it. Ivy Homes now only operates in Bengaluru, where it claims to have access to 25 lakh property sales information.

By 2030, the Indian real estate industry is predicted to reach $1 trillion, up from $200 billion in 2021. MagicBricks, 99acres, and NoBroker, among others, are among the participants in the prop-tech field. According to a recent report by the Confederation of Indian Industry (CII) and Colliers, investments in prop-tech enterprises are predicted to reach $1 billion by 2025, driven mostly by the use of new technologies in the real estate sector such as AI, VR, and IoT.

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