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Real estate broking portal IndiaHomes raises $24.9M from New Enterprise Associates, others

Real estate broking portal IndiaHomes has raised Rs 150 crore ($24.9 million) from New Enterprise Associates (NEA) and two existing investors, PTI has reported.

Gurgaon-based India World Technologies, which owns IndiaHomes, had raised Rs 120 crore from Helion Venture Partners and Foundation Capital, in 2012.

The company, which started operations in 2009, is present in Delhi, Gurgaon, Noida, Mumbai, Bangalore and Kolkata. It is planning to expand its presence to other major cities.

“We have decided to expand our operations to 50 major towns in India. We have raised Rs 150 crore private equity led by NEA. Our existing partners Helion Venture and Foundation Capital have also invested,” IndiaHomes founder and managing director Samarjit Singh said, according to the report.

NEA has led the round with more than half of the funding. NEA India senior managing director Bala Deshpande would join the company’s board.

Helion Advisors senior managing director Sanjeev Aggarwal said this is the third investment in IndiaHomes as it was satisfied with the company’s growth.

Avendus acted as the exclusive financial advisor to the transaction.

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