HouseEazy Bags $7 Mn From Chiratae Ventures

HouseEazy Bags INR 33.5 Cr To Expand Its Proptech Play

SUMMARY

The funding round was led by Chiratae Ventures, along with participation from Antler India and AI Growth Opportunities Fund I

The board at Magneum Technology, the company that operates HouseEazy, passed a special resolution to issue 3,915 Series A CCPS to raise INR 33.57 Cr

Founded in 2021, Magneum Technology acts as an intermediary between buyers and sellers of secondary residential properties

Noida-based proptech startup HouseEazy has raised Series A funding of $7 Mn (INR 58 Cr) led by Chiratae Ventures, along with participation from Alteria Capital and existing investor Antler in a mix of debt and equity infusion.

HouseEazy plans to use the fresh capital to expand its operations across new geographies in the National Capital Region (NCR), strengthen its brand presence, expand its team and enhance its product offerings.

Founded in 2021 by Tarun Sainani and Deepak Bhatia, HouseEazy operates as a full-stack marketplace for resale homes.

The startup uses a proprietary machine-learning algorithm with over 1.5 Mn data points to provide real-time price quotes to sellers, streamlining the process and eliminating the need for multiple meetings and negotiations.

It claims to have achieved a gross merchandise value (GMV) annual recurring revenue (ARR) of INR 425 Cr and aims to reach INR 1,800 Cr GMV ARR in the next 15-18 months from the NCR market alone.

“Our asset-light model and quick turnarounds backed by a 2000-strong channel partner base have enabled us to scale rapidly across markets,” Bhatia said.

HouseEazy’s latest funding round seven months after it raised $1 Mn in its seed funding round led by Antler in December last year. Back then, India Accelerator, AC Ventures, Agility Ventures, Finvolve Ventures, Pirojsha Godrej and Sandeep Aggarwal also participated in the fundraise.

The company currently operates in Noida and Ghaziabad, and has recently entered the Gurugram market. The company plans to expand its presence to other Tier I cities including Pune, Mumbai, and Bengaluru.

India’s proptech sector has been seeing a lot of traction from investors for quite sometime now.

For instance, earlier this month, Mumbai based proptech startup Truva raised $3 Mn (around INR 24.9 Cr) in a seed funding round led by Stellaris Venture Capital, along with participation from Peercheque and a host of angel investors.

In July, private equity firm HDFC Capital picked up 8.5% stake in Mumbai-based proptech startup TruBoard for an undisclosed amount.

In the same month Mumbai-based proptech startup Jugyah raised $1.5 Mn (INR 12.5 Cr) in a seed funding round co-led by White Venture Capital, QED Investors and Godrej Properties

Meanwhile in June, proptech startup Landeed raised an undisclosed amount as a part of its ongoing seed funding round from Paradigm Shift VC.