[Funding alert] Norwest Venture Partners invests Rs 56 Cr in real estate services firm SILA
Mumbai-based real estate services firm SILA has raised Rs 56 crore ($7.80 million) growth capital from Norwest Venture Partners, a growth equity investment firm.
According to the company, this round of investment will be used to exit SILA’s early investors and further establish its industry leadership position through strategic investments and acquisitions.
Founded in 2010, SILA is a service provider to enterprises and SMEs for finding, building-out, and managing their physical space. This includes project advisory, interior design, fit outs, machinery, and hard asset maintenance as well as facility management services.
The firm has operations in over 75 cities and manages more than 30 million square feet of assets. Some of its clients include leading multinationals as well as many of India’s Fortune 500 companies across sectors such as manufacturing, retail, hospitality, financials, commercial, and residential real estate.
Speaking on the funding, Sahil Vora, Founder, SILA, said,
“We sincerely appreciate the support of those who backed us early and are proud to have generated a healthy return for them. We are excited to bring on Norwest as our institutional equity partner and look forward to using this capital to increase our leadership in the industry through strategic investments and acquisitions.”
Through the use of in-house technology stack and detailed operating protocols, SILA works with clients to efficiently reduce operating costs and increase asset productivity.
“Over the years we have built a strong team, operational backbone and client goodwill in a capital efficient manner. With the right buildings blocks in place, we are confident in using institutional equity to efficiently scale our business,” adds Rushabh Vora, Co-founder & CEO, SILA.
SILA Connect, an in-house software, provides various modules to enable SILA to optimise workflows on the front end and back end.
“SILA has built strong leadership and very positive client recall in the industry. Through the use of technology and SOPs, SILA is executing with a differentiated approach to capture the very large services market opportunity in India. We look forward to supporting SILA to further build out a large sustainable platform,” said Shiv Chaudhary, Managing Director, Norwest Venture Partners (NVP India).
Since inception, SILA claims to have tracked robust financial and operating metrics with revenue growing over 50 percent per annum over the last few years.
(Edited by Megha Reddy)