[Funding alert] Proptech Startup Homexchange raises $4 mn in funding

Proptech startup Homexchange has raised $4 million in funding round from HDFC Capital, Oberoi Realty and Anarock.

The startup plans to use the funds to expand its footprint and shore up its technology platform. It will also invest in developing partnerships and increasing hiring across multiple verticals.

The Mumbai-based Homexchange was founded in 2020 by Shirish Godbole and Jesal Sanghvi, It allows consumers to replace their old asset with a new one.

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The startup has a presence in Mumbai, Thane and Bengaluru, and has so far handled transactions worth around Rs 120 crore.

The company claims that it has deployed proprietary algorithms and models to estimate the value of assets and then make counter offers to customers. Thereafter this offer can be redeemed only for properties listed on the platform of Homexchange. It charges a service fee of 2% on the offer price on all deals made on its platform.

“We’re a consumer-focused brand that brings customers, developers, channel partners, and lenders into a certainty-driven transactional environment. That is the big opportunity in a sector with $100 billion in transactions annually and is growing,” said, Shirish Godbole, chairman and cofounder of Homexchange.

HDFC Capital invested through the HDFC Affordable Real Estate and Technology Program (H@ART).

According to the startup, the H@ART initiative seeks to consult, partner and invest in proptech companies to bring efficiency, transparency and trust to the real estate ecosystem.

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"HDFC Capital's investment in Homexchange is through it’s HDFC 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), which are registered with SEBI as a Category II Alternative Investment Funds. These funds combine to create a $3 billion platform targeting the development of affordable and mid-income housing in India”, said, Vipul Roongta, MD & CEO, HDFC Capital.

About Homexchange

Homexchange is founded by global real estate industry professionals with over 40 years of international real estate experience and is backed by marquee investors, including India’s largest primary residential real estate services company.