The startup raised $5.75 Mn in equity and $1.3 Mn in debt
The fundraise saw participation from investors such as Khosla Ventures, Venture Highway, Y Combinator, GFC, Foundamental, Better Capital and Titan Capital
Ivy Homes will use the funds to strengthen product development and ramp up hiring
Proptech startup Ivy Homes on Monday (June 6) said it has raised $5.75 Mn in equity and $1.3 Mn in debt in a seed round funding which saw participation from marquee investors such as Khosla Ventures, Venture Highway, Y Combinator, GFC, Foundamental, Better Capital and Titan Capital.
The startup will use the funds to strengthen product development and ramp up hiring.
“The funding that we have raised is a big step towards realising our mission to deliver transparent solutions to the real estate sector. With our unique data and pricing engine, we aim to transform what is a complex, painful and month-long ordeal into a transparent and predictable process,” said Ivy Homes cofounder Abhilash Narahari.
Founded in 2021 by Narahari and Pritam Thakur, the startup deploys a proprietary artificial intelligence (AI) and machine learning (ML)-backed algorithm to offer instant liquidity to homeowners. The platform claims to forecast the market value of the property based on 80 parameters and then makes instant offers to buy homes.
The startup handles the entire lifecycle of the transaction from house inspection to legal diligence, and from finally closing the deal to making payment. It then refurbishes the property and further sells it. Ivy Homes currently offers its services in just Bengaluru and claims to have access to 25 Lakh home sales records in the city.
The Indian real estate market is expected to reach the $1 Tn mark by 2030, up from $200 Bn in 2021. The proptech space is populated by players such as MagicBricks, 99acres, NoBroker, among others.
According to a recent report by the Confederation of Indian Industry (CII) and Colliers, investments in proptech firms are expected to touch $1 Bn by 2025, led mainly by adoption of new technologies such as AI, VR and IoT in the real estate sector.
Last month, Hyderabad-based proptech startup Wehouse raised $1 Mn in funding from Anthill Ventures and other investors. In May, another proptech startup TEAL raised $2 Mn in a Pre-Series A funding round led by Omidyar Network India .
