Mumbai-headquartered Homexchange, an instant home sale and upgrade proptech platform, has raised an undisclosed amount in funding from HDFC Capital, Oberoi Realty, and Anarock Group, bringing its all-time raise to $4 million.
Homexchange says it helps consumers upgrade to a new residential property in lieu of their existing property. The startup provides arm’s length market comparable offers on existing homes within just five days using its tech-driven pricing algorithms that combine actual market data across multiple parameters with deep domain expertise.
According to the startup, the raised capital will be used to expand its geographic presence, strengthen developer partnerships, hire talent, and further build out its technology platform.
Founded in 2020 by Jesal Sanghvi and Shirish Godbole, Homexchange currently operates in Mumbai, Thane, and Bangalore and has executed transactions of ~Rs 120 crore, it says.
Commenting on the development, Jesal Sanghvi, Co-Founder & CEO, Homexchange said, “We welcome HDFC Capital – their participation is a validation of the problem we are trying to solve and the opportunity ahead of us. Their unparalleled industry perspective and access is invaluable. Selling a home to buy a new one is stressful, uncertain, and takes months. Our vision is to simplify it and provide a quick, transparent, and seamless experience through our technology platform.”
“We believe that technology is going to play an important role in transforming the residential real estate space. We are very happy to invest and partner with Homexchange as they are uniquely placed in solving a key problem in the fragmented residential real estate market by leveraging their deep domain, product, and technology expertise," said Vipul Roongta, MD & CEO, HDFC Capital.
"HDFC Capital’s investment in Homexchange is through its HDFC Affordable Real Estate and Technology Program (H@ART) program that seeks to mentor, partner & invest in real estate technology companies bringing efficiency, transparency, and trust in the real estate ecosystem", Vipul adds.