Update: Post publishing this article, Favista has issued an statement stating that the company has not being acquired by IndiaHomes and that no offer has been received.
Real estate portal IndiaHomes.com is raising another $50 Mn in a new round of funding from its existing investors – New Enterprise Associates (NEA) and Foundation Capital. This round comes in just a few months after it had raised INR 150 Cr. in a funding led by New Enterprise Associates (NEA) and existing investors Helion and Foundation Capital.
According to the sources close to the development, IndiaHomes.com is using some of the $24.9 Mn of the funds it raised in April to acquire 5 startups for a total $15 Mn.
“It will soon add a dynamic pricing engine of inventory that will add almost 20% to a developer’s yield. We will take this feature to over 200 developers in the country,” said the source.
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Further, it is also in the process of buying a company each in Dubai and Ireland.
The company recently has entered into a JV with UK based Unesta, a specialist property consultancy to offer complete range of services to NRIs and PIOs for buying real estate in India. As per reports, it might be acquiring it for $2 Mn.
Samarjit Singh, managing director of IndiaHomes.com, declined to comment on the developments.
The company is looking for organic expansion across 50 cities in India besides growth in five international zones including Dubaï, London and Singapore. It has more than 10 Mn customers and about 10,000 Cr of property has been sold through its platform.
With over $120 Bn in revenues, the real estate market is Huge in India and has attracted a lot of investor interest. In past 9 months, over $300 Mn of investment has come into this space. Recently, Housing.Com raised $100 Mn From SoftBank and existing investors, Commonfloor raised INR 64 Cr(roughly $10 Mn) and a $30 Mn Series E led by its existing investor Tiger Global.