HouseEazy raises $7M in Series A funding led by Chiratae Ventures
The property technology startup will use the newly raised funds to expand its growth across new geographies in NCR, team expansion, and product enhancement.
Resale home marketplace HouseEazy on Monday said that it raised $7 million in a Series A funding round led by Chiratae Ventures.
The round, a mix of equity and debt, also saw participation from existing investors Antler and Alteria Capital.
HouseEazy intends to use the newly raised funds to help the company’s growth in new geographies in NCR, strengthen its presence, expand its team and enhance its product offerings.
“HouseEazy, with its unique model and vast founder experience, has built an end-to-end solution with exclusivity on supply and distribution. The company has shown significant traction in a short span of time, and we are excited to partner with them as they create the go-to destination for pre-owned home transactions in India,” said Anoop Menon, ConsumerTech Sector lead at Chiratae Ventures.
The Noida-based company raised about $1 million in a seed funding round last year and was valued at $8.09 million as of December 10, 2023, according to data website Tracxn.
HouseEazy provides real-time price quotes to sellers, backed by a proprietary matching-learning algorithm with over 1.5 million data points, according to the company.
Sellers can conclude their transaction instantly at the best price, eliminating multiple meetings and negotiations. For buyers, it helps gain access to an inventory that they can shortlist from the comfort of their home with the help of AR/VR tools such as virtual staging and 3D walkthroughs.
According to Deepak Bhatia, Co-founder of HouseEazy, the startup is expected to hit Rs 1800 crore in gross merchandise value (GMV) annual recurring revenue (ARR) in the next 15-18 months from the NCR market alone.
The company currently has a presence in Noida and Ghaziabad and recently entered Gurugram. It further plans to expand its presence to Tier I cities like Pune, Mumbai and Bengaluru.
Edited by Affirunisa Kankudti