VC-backed IndiaHomes Raises $4M; Eyes Another $6M Funding
Delhi-based IndiaHomes (formerly Agni Property Services Pvt Ltd), a property services company, has raised $4 million from Helion Venture Capital and Foundation Capital. The firm is seeking to raise another $6 million in the coming fiscal.
IndiaHomes will utilise the capital to make foray into the e-commerce space and fund its Goldmine project â€“ an online pricing system which features real estate products on the basis of comfort, luxury, market demand and availability. The company also aims to achieve a growth rate of 300-400 per cent and envisages a gross transaction value of Rs 1000 crore in 2012 and Rs 3500 crore in 2013.
In 2010, it had raised $12 million from Foundation Capital and Helion who had invested $6 million each for minority stakes. Foundation Capital's Ashu Garg and Helion's Sanjeev Aggarwal joined the board of the firm as part of the deal.
Founded by Samarjit Singh in 2009, IndiaHomes employs over 400 professionals across its 12 offices. The company provides end-to-end real estate solutions â€“ from buying, selling and renting to financing & mortgaging, legal services and documentation.
Prior to IndiaHomes, Singh had also set up Candid Marketing, acquired by International Marketing & Sales Group, Plc. in 2006. However, it was bought back by the former management in 2008. Sigh is an alumnus of St. Stephen College, Delhi, and University of California at Berkeley. He had also served on the board of YEO (Young Entrepreneur's Organization, affiliated with YPO) for five years and was the president of its Delhi Chapter for 2007-2008.