Noida-headquartered proptech startup HouseEazy has raised $7 million in Series-A funding led by Chiratae Ventures, the company said in a statement on August 26.
HouseEazy is a full-stack marketplace for resale homes with presence in Noida and Ghaziabad. The company has recently entered Gurugram and plans to further expand its presence in tier 1 cities such as Pune, Mumbai and Bengaluru.
This round was a mix of equity and debt, and saw participation from Alteria Capital and existing investor Antler, the statement highlighted.
Also Read: Luxury homes above โน1 crore witness 41% growth in sales; affordable housing sales decline
According to the company, the funds will be utilised to fuel the organisationโs growth across new geographies in NCR, strengthening brand presence, team expansion and product enhancement.
HouseEazy had raised seed financing in December 2023. โWe have already hit a GMV ARR of โน425 crore, and expect to hit โน1,800 crore GMV ARR in the next 15-18 months from the NCR market alone,โ said Deepak Bhatia, Co-founder, HouseEazy.
Also Read: Housing sales down 6% in April-June quarter; new supply remains flat in top 8 cities: PropTiger
โThe potential of this business is to become bigger than many pan India developers, as the secondary market is 2x that of primary, with very little competition and a deep customer need gap that is consistent across geographies,โ Bhatia underscored.
Service offering
According to the company statement, HouseEazy 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 thereby eliminating the need for multiple meetings and negotiations. For buyers, it provides access to exclusive, refurbished inventory that they can shortlist from the comfort of their homes, with the help of AR/VR tools like 3D walkthroughs and virtual staging. The platform also offers mortgage, legal and registry facilitation services making it a one-stop shop for all resale customers.
Also Read: Bengaluru tops housing sales and launches pan India in Q2 2024, โน1-3 crore homes capture 63% of new launches
โThe $90 billion secondary real estate market, which is completely unorganised and fragmented, is ripe for disruption. No platforms in the past have been able to address the pricing black box, timeline uncertainty and scattered inventory issues that have plagued the home resale market for decades,โ said Anoop Menon, ConsumerTech Sector lead at Chiratae Ventures.
