Homesfy Realty, a Mumbai-based proptech firm, has raised $1.1 million (about Rs 8.97 crore) from early-stage growth investors Girish Gulati, Neha Idnany, Yogesh Bagaria, Dnyanesh Bhatavadekar, and Amit Bagaria.

The firm has also filed its draft paper with Sebi to launch an Initial Public Offer (IPO) comprising the issue of up to 8,05,200 equity shares.

As per the startup, the raised funds will be used to support its expansion across multiple cities in India and fructify its plans to enter international markets.

Homesfy Realty | Proptech Startup

Founded by Ashish Kukreja, Homesfy Realty is engaged in providing real estate broking services to real estate developers, retail buyers/sellers and investors for residential and commercial space. The firm runs two platforms Homesfy.in and MyMagnet.io.

Speaking about the development, Ashish Kukreja, Founder & CEO at Homesfy.in & MyMagnet.io, said,

“We, at Homesfy, started our journey with the aim to simplify the home-buying process. With the new strengths coming in and this fund-raise, Homesfy is committed to delivering growth to its employees and investors and satisfactory services to its customers.”

With its headquarter in Mumbai, the firm has an operational presence in four cities in India, including Pune, Bengaluru, and Delhi NCR.

Recently, the firm initiated the process of acquiring EQServ, a Mumbai-based real estate broking firm. It has also filed the Draft Red Herring Prospectus (DRHP) for its SME IPO with NSE Emerge. The funds from the proposed IPO will be used for working capital, general corporate purpose, and organic growth.

Private Equity (PE) investment in proptech firms rose 5 per cent to $270 million during January-June this year as the inclusion of technology gains momentum in the real estate sector, as per Housing.com. The proptech companies in India received a total of $3.42 billion in PE funding between January 2009 and June 2022. In 2022, several proptech startups, including Zapkey and POPT raised funds.

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