HDFC Capital-backed proptech firm Reloy has raised Rs 7.2 crore in a pre-series A2 funding round. The investment will be used to fuel the company's growth and expansion plans, the company said.
The company added that all the existing investors participated along with new investors like BlueLotus VC and Dream Green Capital. Previously Reloy had raised Rs 5.9 crore in February, taking the total external funding to over Rs 13 crore.
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"India is now the world's most populated nation with only the 7th largest land mass. We need our builders to create the largest cities the world has ever seen. It's time we empowered good builders with our referrals," Reloy founder and CEO Akhil Saraf said. Our solution streamlines the post-purchase journey that homeowners have with builders and rewards them with benefits across ancillary requirements of home interiors and home finance, Saraf added.
With this funding, the company said it will be able to accelerate its growth plans and establish itself as the default housing operating system that consumers can come to expect with their homes.
The platform that manages over 1.4 lakh apartments is valued at over Rs 1.3 lakh crore. Its clientele includes national partnerships with some of the biggest names in the industry, such as Godrej Properties, DLF, Shapoorji Pallonji Real Estate, Embassy Residential, Mahindra Lifespaces, and L&T Realty, among others.
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In April this year, HDFC Capital Advisors said it will increase its stake in Loyalie IT Solutions (now renamed Reloy) to up to 9.6 percent from 7.2 percent currently.
And in March last year, HDFC Capital acquired a 7.2 percent equity stake in Loyalie IT Solutions (Reloy) for Rs 1.1 crore.
The company currently helps homeowners with post-purchase like document management, construction tracking, and payments. It also creates a marketplace for other connected needs of home interiors and home finance.
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