Agni Property, the owner of IndiaHomes, has announced a cash injection of US$10m. Two private equity firms -- Helion Venture Capital and Foundation Capital -- have have already put in $4 million and the rest being injected over the next 12 months.
The funds will be used for furthering the company's move into e-commerce space via IndiaHomes.com and to drive their Goldmine project. Goldmine is a pricing system which prices every sellable unit of real estate on the basis of comfort, luxury, market demand and availability.
As part of the investment, Agni Property also announced a change of name to IndiaHomes.
The company is also planning to set up offices in Ahmedabad, Pune, Chennai and Hyderabad. The headcount for the company will grow from 300 to 500 by the end of this year.