Real estate tech startup Reloy said that it has raised Rs 5 crore in a pre-Series A round led by Inflection Point Ventures, Fawkes Fund, the family office of Greenpanel & Greenlam, and over 50 prominent angels. The funds raised will be used for expanding operations and fine-tuning the product for a commercial launch.
Started in 2018, Reloy offers a loyalty platform to builders. The company claims to have influenced over Rs 700 crore sales in the real estate industry with clients like Sharpoorji Pallonji, Godrej Properties, Mahindra Lifespaces, Piramal Realty, Gera K Raheja, Birla Estates and Century Real Estate. The Company expects to generate sales worth Rs over 5,000 crores of sales for its current clients in the coming financial year.
“Consumer expectations have grown dramatically, while housing as a product hasn’t grown beyond the four walls. The next type of housing is going to leverage digital amenities to solve unique homeowner problems and create conveniences around this asset ownership. We are excited to have IPV as our first institutional investor because we seek not just capital but mentorship, guidance, network and revenue opportunities that IPV is known for,” said Akhil Saraf, Founder & CEO, Reloy.
Reloy platform integrates various brands and connects home buyers to their various needs. The company said that currently, it is managing over 20,000 homebuyers with properties worth Rs 25,000 crore who are going to take possession in the next 4 years.
“Residential housing sales is going through a huge growth cycle and Reloy through its partnership with the leading real estate developers is uniquely placed to benefit from this cycle. On one hand it can help builders generate relatively cheaper referral sales (vs real estate agent sales) and on the other, it can improve Buyers’ overall experience with the brand and further fuel referral sales creating a positive network effect. At scale, Reloy will also be building a strong downstream demand aggregation model (for consumer goods, interior services, lifestyle businesses etc) that has the potential to become the largest business model of its kind in the country,” said Ankur Mittal, Co-Founder, Inflection Point Ventures.
The real estate industry, directly and indirectly, employs one of the largest workforces in India, second only to agriculture. The $180 billion sector comprises $100 billion from residential real estate. However, it contributes only 6% to India’s GDP. In addition, the value of all outstanding home loans is around $250 billion in 2019 or 10% of the nominal GDP.