Real estate brokerage portal IndiaHomes has raised a growth fund of $24.8 million (Rs150 Crore) from US-based VC New Enterprise Associates (NEA), and existing investors – Helion and Foundation Capital, reveals a PTI report.
IndiaHomes will use the funds to expand to other parts of India. The company is now present in Delhi, Gurgaon, Noida, Mumbai, Bangalore and Kolkata, and wants to expand operations to 50 more towns.
NEA has led the round with more than half of the funding. NEA India senior managing director Bala Deshpande would join the company’s board. Medianama has written to NEA for a confirmation on this and the information will be updated soon.
Funding History: Earlier in 2012, India World Technologies (which owns IndiaHomes) raised $4 million from Helion Venture Partners. In 2010, it raised $12 million from Foundation Capital and Helion Venture Partners, who had invested $6 million each for minority stakes.
Ecosystem: Online real estate has been a growing segment in India, and the ecosystem is constantly changing. In this space, CommonFloor, MagicBricks, 99Acres, and Housing.com are some of the top competitors for IndiaHomes. 99Acres claims to be #1 in this segment, but MagicBricks immediately shot back saying these claims “simply aren’t true”.
CommonFloor recently raised a Series D funding of $10 million from Tiger Global and Accel Partners, while Housing.com raised a funding from Nexus Venture Partners for $2.5 million. Which means, two of Nexus Venture’s investees are competing with each other.