News: HouseEazy raises $7 million in funding round led by Chiratae Ventures-26-08-2024
: HouseEazy, a marketplace for resale homes, has raised USD 7 million from investors to grow its business. In a statement, HouseEazy said the company has raised USD 7 million in a series-A funding round
This round was a mix of equity and debt led by Chiratae Ventures and saw participation from Alteria Capital and existing investor Antler, it added. The company had previously raised the seed financing round 7 months back in December 2023.
The funds will be used to fuel the organisation's growth across new geographies in NCR, strengthening brand presence, team expansion and product enhancement, HouseEazy said.Co-founder, HouseEazy, said, "In the primary market, the real estate developer typically serves as the anchor, but no single player was addressing all the needs of resale buyers and sellers. These transactions were traditionally conducted with multiple stakeholders, leading to inherent risks and lengthy closure times."
"We've completely re-engineered the process, enabling customers to buy or sell resale homes in under 15 days on the HouseEazy platform with 100 per cent safety," he added. In a short period, Sainani said the company has already served over 1,000 customers. HouseEazy said it provides real-time price quotes to sellers backed by a proprietary machine-learning algorithm with over 1.5 million data points
Sellers can conclude their transaction instantly at the best price, eliminating the need for multiple meetings and negotiations. For buyers, the company said it provides access to exclusive, refurbished inventory that they can shortlist with the help of cutting-edge AR/VR tools like 3D walkthroughs and virtual staging.
The platform also offers mortgage, legal and registry facilitation services that make it a one-stop shop for all resale customers. Deepak Bhatia, Co-founder, HouseEazy, said, "We have already hit a GMV (gross merchandise value) ARR (annual run rate) of Rs 425 crore, and expect to hit Rs 1,800 crore GMV ARR in the next 15-18 months from the NCR market alone."
The company already has presence in the cities of Noida and Ghaziabad and has now entered the Gurgaon region. It further plans to expand its presence in tier 1 cities like Pune, Mumbai and Bengaluru.
