Bangalore-based real estate discovery platform, HousingMan, has raised Rs 10.3 crores (~ US$1.5 million) in seed funding from a bunch of undisclosed investors, announced Bhavadeep Reddy, an angel investor and co-founder of HousingMan.
The freshly raised funds will be utilized by the startup to expand operations across India.
Founded in 2015 by Bhavadeep Reddy and Rajendran R, HousingMan claims to be India’s 1st Artificial Intelligence-based Real Estate platform. The platform aims to provide a hassle-free way for property sellers and buyers to list and buy properties through its platform. It offers a wide array of property options including budget apartments, luxury homes, villas, plots, etc. and caters to a variety of customers based on their needs.
HousingMan provides cognitive tools to shortlist a buyer’s preferences and then accordingly recommend properties. Its technology tools assist property agents in closing transactions more quickly thereby resulting in higher manpower efficiency.
“Our proprietary algorithm figures out the needs of the homeowners and instantly connects them to builders. We are a matchmaker for the builder and the customer,” says R Rajendra, Co-founder of the company.
The startup has consolidated its presence in the last two years in markets including Bengaluru, Gurgaon, Chennai, Hyderabad and Pune.
HousingMan has sold over 300 houses with an average cost of ₹80 lakhs in the last financial year. It earns a small commission on each transaction for the services rendered by the platform on the closing of a transaction.
India’s real estate market, which is expected to touch $180 billion by 2020, is currently ripe for HousingMan model a, according to co-founder Bhavadeep Reddy, as the government is bringing about regulations like RERA and housing schemes like PMAY (Pradhan Mantri Awaas Yojana) to aid and assist the industry to achieve the goal of Housing for All.
Last week, Info Edge (India) invested about Rs 30 million in Zippserv, a Bangalore-based technology-driven real estate risk assessment platform.
Recent Activity in Real Estate
In May, FastFox, an online marketplace for home rentals, bought property and broker review platform Roofpik for an undisclosed amount.
In the same month, Brigade REAP, the first accelerator in Asia to focus on Real Estate, on-boarded 5 Realty startups for its fourth Cohort. With over 80 start-ups having applied to the program, 11 Start-ups were shortlisted out of which 5 were inducted into the program.
In April, Delhi-based home rental services marketplace ZiffyHomes acquired rival Nivaasa, prior to which it had acquired an another rival, Fella Homes.
Fella Homes had too acquired smaller rival Lifepad Homes in July 2016.
Source – Times of India