Indian Proptech Startup HouseEazy To Raise $11.7 Million
Proptech startup HouseEazyis in advanced discussions with a leading venture capital firm and existing investor Chiratae Ventures to raise INR 100 crore or around $11.7 million, sources
HouseEazy, which runs a platform for reselling houses, had earlier raised $7 million (approximately INR 58 crore) in its Series A funding round led by Chiratae Ventures in August last year. The round was made through a mix of equity and debt.
One source said that the new funding may be an extension of the Series A round. The funding round is likely to be led by a tier-I VC firm which has recently opened an India-focused fund and is interested in growth and late-stage firms in the country.
Both Chiratae Ventures and HouseEazy did not comment on questions from Inc42 about the funding round.
HouseEazy, which was started in 2021 by Deepak Bhatia and Tarun Sainani, tries to fill the gaps in the real estate space by directly bringing buyers and sellers together. It says it is able to avoid the involvement of multiple stakeholders, including brokers, and enable closing of transactions in real time by giving buyers and sellers price points derived from machine learning algorithms.
In December 2023, the startup raised $1 million in its seed funding round led by Antler.
On the financial front, HouseEazy turned profitable in FY24 with a net profit of INR 38 lakh as against a loss of INR 44 lakh in FY23 while revenue jumped threefold to INR 10.7 crore from INR 2.8 crore in the last fiscal year.
India's Proptech Market Growth
This growth takes place at a moment when India's proptech industry is growing with tremendous speed. A recent report by Aurum PropTech pointed out an extraordinary change in the realty landscape of the nation, stating that digital platforms are turning into the main drivers of real estate transactions.
The report mentioned that a staggering 75% of home buyers are now using digital platforms and 50% are taking virtual property tours for the same. Hence, investment in India's proptech segment is expected to expand at a compound annual growth rate (CAGR) of 15% during the period from 2023 to 2030 and reach a size of $16 billion by this time, an increase from $6 billion as of 2023, according to a joint study by HDFC Capital, Brigade REAP, and Knight Frank.
Consistent with this pattern, many VC firms have been actively investing in proptech startups for the last few years.
HouseEazy, which runs a platform for reselling houses, had earlier raised $7 million (approximately INR 58 crore) in its Series A funding round led by Chiratae Ventures in August last year. The round was made through a mix of equity and debt.
One source said that the new funding may be an extension of the Series A round. The funding round is likely to be led by a tier-I VC firm which has recently opened an India-focused fund and is interested in growth and late-stage firms in the country.
Both Chiratae Ventures and HouseEazy did not comment on questions from Inc42 about the funding round.
HouseEazy, which was started in 2021 by Deepak Bhatia and Tarun Sainani, tries to fill the gaps in the real estate space by directly bringing buyers and sellers together. It says it is able to avoid the involvement of multiple stakeholders, including brokers, and enable closing of transactions in real time by giving buyers and sellers price points derived from machine learning algorithms.
In December 2023, the startup raised $1 million in its seed funding round led by Antler.
On the financial front, HouseEazy turned profitable in FY24 with a net profit of INR 38 lakh as against a loss of INR 44 lakh in FY23 while revenue jumped threefold to INR 10.7 crore from INR 2.8 crore in the last fiscal year.
India's Proptech Market Growth
This growth takes place at a moment when India's proptech industry is growing with tremendous speed. A recent report by Aurum PropTech pointed out an extraordinary change in the realty landscape of the nation, stating that digital platforms are turning into the main drivers of real estate transactions.
The report mentioned that a staggering 75% of home buyers are now using digital platforms and 50% are taking virtual property tours for the same. Hence, investment in India's proptech segment is expected to expand at a compound annual growth rate (CAGR) of 15% during the period from 2023 to 2030 and reach a size of $16 billion by this time, an increase from $6 billion as of 2023, according to a joint study by HDFC Capital, Brigade REAP, and Knight Frank.
Consistent with this pattern, many VC firms have been actively investing in proptech startups for the last few years.
