Flyhomes, a US headquartered homebuying platform, has raised $150 million (Rs 1,097 crore) Series C financing to fuel its growth and expand presence in India, the company said in a statement.
The round was co-led by venture capital firms Norwest Venture Partners and Battery Ventures. It also saw participation from Fifth Wall, Camber Creek, Balyasny Asset Management, Zillow co-founder Spencer Rascoff, Leo Capital and existing investors Andreessen Horowitz and Canvas Partners.
As part of the transaction, Lisa Wu of Norwest Venture Partners and Roger Lee of Battery Ventures will join the Flyhomes board.
Flyhomes helps homebuyers with services starting from brokerage to mortgage under one platform. It says it helps people buy homes before selling the ones they’re in.
With an aim to scale up operations in India, it is looking at increasing its India staff from the current 150 to 450. Flyhomes said that the new funding will also enable the company to scale service and support to meet the outsized demand in the current markets of Seattle, San Francisco Bay Area, Los Angeles, San Diego, Portland and Boston, and enter new markets in the US.
“Flyhomes is investing in rapidly growing our engineering, product, and design teams in both India and the US. We are transforming the US homebuying experience, relying heavily on our team of talented engineers, sourced from premium institutes. India engineering talent has been critical to building Flyhomes,” said Tracie Hlavka, EVP – engineering, Flyhomes.
Launched in 2016 by Tushar Garg and Stephen Lane, the company claims that it has so far bought and sold more than $2.6 billion worth of homes.
