Homexchange raises USD 4 mn from HDFC Capital, Oberoi Realty, Anarock

Property technology startup Homexchange on Wednesday said it has raised USD 4 million (about Rs 32 crore) from HDFC Capital, Oberoi Realty and Anarock Group.

The city-based company, which helps consumers upgrade to a new residential property in lieu of their old property, will be using the funds for geographic expansion, develop partnerships, hiring and technology platform.

It has a presence in Mumbai, Thane and Bengaluru, and has executed transactions of about Rs 120 crore till now, Homexchange said in a statement.

''Selling a home to buy a new one is stressful, uncertain, and takes months. Our vision is to simplify it and provide a quick, transparent, and seamless experience through our technology platform,'' its co-founder and chief executive Jesal Sanghvi said.

HDFC Capital's managing director and chief executive Vipul Roongta said the company is uniquely placed in solving a key problem in the fragmented residential real estate market.

Roongta said his company has invested through the HDFC Affordable Real Estate and Technology Program (H@ART) under which it seeks to mentor, partner and invest in real estate technology companies bringing efficiency, transparency, and trust in the real estate ecosystem.