Total funds of US $4 million being raised
Homexchange, India’s first instant home sale and upgrade proptech platform, today announced it has raised funds from HDFC Capital, Oberoi Realty and Anarock Group, taking the total funds being raised to $4 million.
The Mumbai-based startup helps consumers upgrade to new residential property in lieu of their existing property. It provides arm’s length market comparable offers on existing homes within just five days using its tech-driven pricing algorithms that combine actual market data across multiple parameters with deep domain expertise. It currently operates in Mumbai, Thane, and Bangalore and has executed transactions of INR 120 crores.
Homexchange plans to use the funds being raised to expand its geographic presence, strengthen developer partnerships, hire talent, and further build out its technology platform.
Commenting on this fund raise, Jesal Sanghvi, Co-Founder & CEO, Homexchange said, “We welcome HDFC Capital – their participation is a validation of the problem we are trying to solve and the opportunity ahead of us. Their unparalleled industry perspective and access is invaluable. Selling a home to buy a new one is stressful, uncertain, and takes months. Our vision is to simplify it and provide a quick, transparent, and seamless experience through our technology platform.”
In his comments, Vipul Roongta, MD & CEO, HDFC Capital, said, “We believe that technology is going to play an important role in transforming the residential real estate space. We are very happy to invest and partner with Homexchange as they are uniquely placed in solving a key problem in the fragmented residential real estate market by leveraging their deep domain, product, and technology expertise. HDFC Capital’s investment in Homexchange is through it’s HDFC Affordable Real Estate and Technology Program (H@ART) program that seeks to mentor, partner & invest in real estate technology companies bringing efficiency, transparency, and trust in the real estate ecosystem”.
Further, Ashutosh Mayank, Head of Digital & Innovation, HDFC Capital commented, “The adoption of sales tech is picking up pace in the residential real estate segment. We look forward to working with Homexchange as they formalize and simplify the residential real estate market.”
Added Shirish Godbole, Co-Founder & Chairman, Homexchange, “We’re a consumer-focused brand that brings customers, developers, channel partners, and lenders into a certainty-driven transactional environment. That is the big opportunity in a sector with $100 billion in transactions annually and is growing.”
Founded in 2020 by professionals with 60+ years of collective experience in real estate, it is India’s first instant home sale and upgrade platform which tackles bottlenecks in the secondary housing market head-on, enabling homeowners to quickly and seamlessly upgrade from their current residential properties to new homes from partnered developers, which include some of the industry’s biggest names like L & T Realty, Rustomjee, Oberoi Realty, Puravankara, Assetz, and others. Homexchange’s proprietary process unlocks the equity stuck in existing homes of customers providing instant liquidity to fund the purchase of an upgraded property from one of their reputed developers’ partners. Customers get an offer in just 5 days, and the entire transaction can be completed in 30 days, eliminating the hassles and uncertainty of selling an existing property and upgrading to a new home. It currently operates in Mumbai, Thane, and Bangalore and has executed a little over INR 120 crore in transactions. Do visit http://www.homexchange.in/ for more details..
HDFC Capital is a wholly owned subsidiary of Housing Development Finance Corporation Ltd and is in the business of managing private equity funds focused on real estate sector in India. HDFC Capital also seeks to promote innovation and the adoption of new technologies within the real estate sector by investing in and partnering with technology companies.
HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), which are registered with SEBI as a Category II Alternative Investment Funds. These funds combine to create a US$ 3 billion platform targeting the development of affordable and mid-income housing in India.
Housing Development Finance Corporation Ltd (HDFC), the pioneer of retail housing finance in India has as of March 31, 2022 assisted over 93 lakh families to own their house. HDFC’s strength has been its value-added services, delivered through a specialist team of trained and experienced professionals. HDFC has consistently had an impeccable record of customer friendly services.
HDFC has been described as a model housing finance company providing technical assistance and consultancy assignments for developing countries across Asia, Africa and East Europe.