Mumbai-based residential project Eon One has raised Rs 30 crore ($3.7 million) from institutional real estate investment and advisory company Certus Capital in a debt round. Eon One is being developed by Mumbai-based real estate company Eon Group.
Certus Capital, founded by former KKR director Ashish Khandelia, will soon make secured debt investment opportunity available for investors via its neo-financing platform Earnnest.me.
With the latest Rs 30 crore investment, investments through Earnnest.me have crossed the Rs 100 crore mark within months after its launch in February 2022, Certus Capital said in a release.
Also, this is the third deal by Earnnest.me, following a Rs 40 crore investment in the mid-market residential project being developed by Pune-based real estate development firm Pharande Spaces. It had also invested another Rs 40 crore in Chennai-based real estate company Arun Excello’s portfolio of four affordable housing projects.
“This investment in Eon is a part of Certus Capital’s strategy to fund projects being executed by experienced developers in Tier I cities. The residential real estate sector is witnessing a stronger demand revival and improved sales. At Earnnest.me, we’ll continue to offer carefully selected and diligence investment opportunities in the real estate sector to our investors.” said Ashish Khandelia, founder of Certus Capital and Earnnest.me.
Since its inception in 2018, Certus Capital has evaluated over Rs 40,000 crore of real estate credit exposure forming part of non-banking financial companies and housing finance companies. It has also advised foreign institutional investors on close to Rs.10,000 crore of closed investments/platform commitments in real estate credit and warehousing space.
Certus Capital has plans to deploy about Rs 500 crore in FY22-23 in senior secured real estate credit deals through Earnnest.me. As a part of its strategy, the company takes up 10-15% of each investment to ensure its presence throughout the investment cycle.
The firm claims that so far more than 200 investors with a minimum investment ticket size of Rs 10 lakh have invested in various such credit opportunities through Earnnest.me.
The platform has witnessed over 50% repeat investing interest and has a diversified clutch of investors which includes real estate professionals, finance experts, family offices, CXOs, UHNI (ultra-high-net-worth individuals), professionals, etc, it said in a release.
Earnnest.me continues to actively evaluate deals across Tier I markets including Hyderabad, Bengaluru, Pune, Mumbai, Chennai, etc.
Certus Capital has recently appointed former Deloitte India executive Vishal Singh for its institutional investment banking business. The other recent appointments made by the company include ex-Piramal capital executive Gaurav Bhalla as director and ex-Deloitte India executive Siddharth Pal as senior vice president.
It is also planning to launch its first category-II alternative investment fund (AIF) in 2023.