Mumbai-based real estate broking platform Homesfy Realty has acquired EQServ for an undisclosed sum, the company said in a statement on Monday.
Homesfy Realty was incorporated in 2011 and helps in simplifying the home buying process and making the real estate transaction reliable and hassle-free.
The company is present across regions including Mumbai, Bengaluru, Pune and Delhi NCR, and has facilitated transactions worth Rs 1,650 crore on its platforms in the last financial year.
“Proptech is the next big sector considering the size of the opportunity. There is healthy consolidation and we want to build momentum with forces coming together. This is just a baby step in this direction,” said Ashish Kukreja, founder & chief executive officer, Homesfy.in.
Based in Mumbai, EQServ was founded by Rajul Tandon in 2020. It facilitates sales of residential property for category A+ developers across Mumbai. The company claims to have sold over 390 units and has added over 330 customers. It has worked with developers like Lodha Group, Godrej Properties, Runwal and Marathon.
“With Homesfy, we just felt a natural extension. At EQServ, we needed a technology-led and fundamentally stronger enterprise to merge with. Our synergies will surely create interesting milestones,” said Tandon, Founder, EQServ.
EQServ facilitated transactions worth Rs 250 crore last year.
Investment interest in real-estate, property-tech has been on the rise in India, driven by technology adoption in the sector during the Covid-19 pandemic. New age companies are using technology to solve for the lack of transparency and data.
The private equity investment in proptech firms saw a 5% increase during the January-June period to $270 million, data shared by Housing.com showed.
In the last quarter, Proptech platform Homexchange Ltd has raised $4 million (around Rs 31.2 crore) from HDFC Capital, Oberoi Realty and Anarock Group. Real estate investment startup PropReturns secured an undisclosed amount of fundiing from a host of angel investors including Cred founder, Kunal Shah in July.
In late June, online realty investment platform PropShare announced a Series B fundraising of $47 million (Rs 367 crore) led by PE company WestBridge Capital.