HeyPillow, an online real estate and rental marketplace, has announced today that it has raised $3 million (about Rs 20 crore) in ‘Series A’ fund-raising from Hampton Capital.
The startup intends to use the funds for business expansion.
Co-founded in 2014 by San Francisco-based Stan Dong, a former research scientist at Stanford University in California, the Bengaluru-based company aims to compete with existing online real-estate models like Magic Bricks, 99 acres, and Housing.com.
Speaking about the choice of market, Stan said, “India was our first choice for the market’s sheer potential. The country’s real-estate market is set to grow at 30 per cent over the next decade, reaching US $180 billion by 2020, while the housing finance market sits at US $9.7 trillion. This potential also points to the need for a full-cycle real estate experience.”
With over 15,000 commercial and residential listings, HeyPillow is currently available in Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Delhi-NCR and Lucknow.
Currently available on Google Play, with an iOS app set to go live shortly, HeyPillow is looking to expand to the APAC region and the Middle East in the near future.
HeyPillow also provides commercial property options for buyers, sellers and renters. After collaborating with some of the best interior designers of the country the company has created a quality online space for remodelling and home design ideas.