New Delhi: Property broking portal IndiaHomes today said it has raised Rs 150 crore from US-based venture capital firm New Enterprise Associates (NEA) and two existing investors. IndiaHomes, which started operations in 2009, is present in Delhi, Gurgaon, Noida, Mumbai, Bangalore and Kolkata, is planning to expand its presence to other major cities. This is the second round of private equity fund raising by the company.
It had earlier raised Rs 120 crore from Helion Venture Capital and Foundation Capital. "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 told reporters here.
NEA contributed more than half of the total amount raised by IndiaHomes, Singh said, adding NEA India Senior Managing Director Bala Deshpande would join the company's board. Singh did not share details about the equity dilution to raise this amount, but said the promoters are the largest shareholder. On fund utilisation, he said the company would use the proceeds on expansion to 50 cities, technology improvement and brand promotion.
Helion Advisors Sr Managing Director Sanjeev Aggarwal said this is the third investment in IndiaHomes as it was satisfied with the company's growth. IndiaHomes offers a complete turnkey of services to its customers in both the primary as well as secondary real estate market. It also help customer in getting bank loans apart from core buying/seeling/rental of residential properties. The entire range of service is offered free of cost to the customer.
