Homexchange, First Quick Home Sale and Upgrading Proptech Platform in India Raises USD 4 Million From HDFC Capital, Oberoi Realty, and Anarock Group

Homexchange, India's first fast house sale and upgrade proptech platform, has secured a total of $4 million in funding from HDFC Capital, Oberoi Realty, and Anarock Group. Homexchange intends to utilise the capital to grow its regional reach, fortify developer alliances, and acquire personnel.

The Mumbai-based business assists clients in exchanging their present residential property for a new one. Using its tech-driven pricing algorithms that integrate real market data across various factors with in-depth subject knowledge, it gives arm's-length market comparable offers on existing residences within five days. It operates in Mumbai, Thane, and Bangalore and has completed deals totaling Rs 120 crore.

Homexchange intends to utilise the cash to grow its regional reach, increase developer collaborations, recruit people, and further develop its technological platform.

Jesal Sanghvi, co-founder and chief executive officer of Homexchange, said, "Their involvement validates the issue we are attempting to tackle and the potential that lies ahead. Selling a house in order to purchase a new one is stressful, unpredictable, and time-consuming. Through our digital platform, we want to streamline the process and give a rapid, transparent, and seamless experience."

Vipul Roongta, managing director and chief executive officer of HDFC Capital, said, "We think that technology will play a significant role in altering the residential real estate market. HDFC Capital's investment in Homexchange is a part of its HDFC Affordable Real Estate and Technology Program (H@ART), which aims to mentor, collaborate with, and invest in real estate technology firms that improve the efficiency, transparency, and trustworthiness of the real estate ecosystem.

Ashutosh Mayank, head of digital & innovation at HDFC Capital, said, "The residential real estate sector is rapidly adopting sales technology. We are eager to collaborate with Homexchange as they legalise and streamline the residential real estate sector."

Shirish Godbole, co-founder and chairman of Homexchange, said, "We are a consumer-centric brand that brings together consumers, developers, channel partners, and lenders in a certainty-driven transactional environment. This is the greatest potential in a market with $100 billion in yearly transactions and growth."