The company had already raised initial funding in December 2023. Image: Linkedin
HouseEazy, a Delhi-based real estate technology startup, has announced that it has raised $7 million in Series A funding. The latest funding round is a mix of equity and debt led by Chiratae Ventures. It also saw participation from Alteria Capital and existing investor Antler.
The Series A funding round is the company’s first major fundraising after the initial seed funding round. The company had secured initial funding in December 2023.
HouseEazy said the funds raised will be used to drive growth in new geographies in NCR (National Capital Region), expand its presence, enhance products and support team expansion.
“In the primary market, the developer often acts as an anchor, but no single player met all the needs of resale buyers and sellers. These transactions were traditionally done with multiple stakeholders, resulting in inherent risks and long closing times. We have completely redesigned the process, allowing customers to buy or sell homes in less than 15 days on the HouseEazy platform,” said Tarun Sainani, Co-Founder, HouseEazy.
HouseEazy provides real-time pricing for sellers using a proprietary machine learning algorithm powered by over 1.5 million data points, allowing customers to make instant transactions at optimal prices.
The platform also offers mortgage, legal and registration facilitation services, making it a one-stop solution for all resale property needs.
The real estate technology firm is present in the cities of Noida and Ghaziabad, and recently entered Gurgaon. It also plans to expand its presence in cities like Pune, Mumbai and Bengaluru.
“We have already achieved a GMV (gross merchandise value) ARR (book rate of return) of Rs 425 crore, and we expect to achieve Rs 1,800 crore GMV ARR in the next 15-18 months in the NCR market alone. The potential of this business is to become larger than many developers across India as the secondary market is double the size of the primary market, with very little competition and a deep customer need gap that is consistent across geographies,” said Deepak Bhatia, Co-founder, HouseEazy.
First published: August 26, 2024 | 14:44 IS
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