Proptech platform Homexchange Ltd has raised $4 million (around Rs 31.2 crore) from HDFC Capital, Oberoi Realty and Anarock Group, the company said on Wednesday.
The platform - focused on instant home sales and upgrades - looks to use the fresh funds to expand into a new geography, strengthen developer partnerships, hire talent, and further build out its technology platform.
The Mumbai-based startup helps consumers upgrade to a new residential property in place of the existing one by providing market-comparable offers on existing homes within five days using its tech-driven pricing algorithms that combine actual market data across multiple parameters with domain expertise, it said.
Founded in 2020 by Shirish Godbole and Jesal Sanghv, Homexchange aims to solve issues faced in the secondary housing market, it enables homeowners to quickly upgrade from their current residential properties to new homes from partnered developers. The company has partnered with developers like L & T Realty, Rustomjee, Oberoi Realty, Puravankara, and Assetz among others.
Currently, Homexchange operates in Mumbai, Thane, and Bengaluru and has executed transactions of Rs 120 crore.
Vipul Roongta, managing director and chief executive officer, HDFC Capital said, “We believe that technology is going to play an important role in transforming the residential real estate space. Homexchange is uniquely placed in solving a key problem in the fragmented residential real estate market by leveraging its deep domain, product, and technology expertise.
He added, “HDFC Capital’s investment in Homexchange is through its HDFC Affordable Real Estate and Technology Program (H@ART) program that seeks to mentor, partner, and invest in real estate technology companies bringing efficiency, transparency, and trust in the real estate ecosystem.”
HDFC Capital is a wholly-owned subsidiary of HDFC Ltd, it manages private equity funds focused on the real estate sector in India. HDFC Capital is the investment manager for 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).