Image Credit Deal Street Asia Indian Angel Network (IAN), one of the largest angel investor networks in the country, is raising an early-stage fund of around Rs.150 crore ($22.4m) to co-invest along with its angel network, said two people aware of the development. An angel network is a group of angel investors—high-net-worth individuals—who invest collectively in early-stage businesses. “They have already registered a fund with the Securities and Exchange Board of India (Sebi) and are on the road to raise it. "They are looking to raise at least Rs.150 crore for the fund. The fund will be raised from within
Flatchat team comes to the end of an era. Image Credit Your Story Flatchat co-founder Gaurav Munjal has his say on Inc42 Indian classifieds giant Quikr will merge CommonFloor's rental app Flatchat with its own messaging service Quikr Nxt and has closed down the Flatchat office in Bangalore. The move comes six months after Quikr acquired the CommonFloor online realty portal, which in turn had acquired Flatchat in April 2014 and funded it to the tune of $2.5m. A mobile-based platform which helps students and bachelors find accommodation and flatmates, Flatchat is said to have a user base of 300K users, including 10K in Singapore
Nestaway founders. Image credit: Economic Times Unlike its contemporaries, which are essentially listing portals for homeowners and buyers this company has advanced several levels by providing fully furnished, semi furnished and unfurnished properties where the startup manages everything that comes with moving into a new place. Read the full story on The Economic Times
HDFC Realty CEO Vikram Goel. Image Credit: The Financial Express E-commerce companies and aggregators in the real estate space are struggling with their business and have yet to figure out ways to make enough money despite pumping millions of dollars into their businesses, The Financial Express reports. The HDFC Realty team is hoping their hybrid model combining on-line and off-line model that co-opts the broker will work in India. “Instead of fighting with brokers. We will collaborate with them,” says Vikram Goel, CEO, HDFC Realty, an HDFC Limited company. HDCF Realty plans to scale up by tapping into the network
For house owners, Square Plums offers the benefit of letting out a fully furnished house, with up to 50 per cent higher rentals, without having to spend on furnishing the house, E27.co reports. Square Plums, a branded rental homes platform in India, has received INR 3 crore (US$450,000) from Indian Angel Network (IAN). The round was led by experienced entrepreneurs and IAN lead investors, including VGN Prakash, Amitabh Shrivastava, Krishna Jha and Ravindra Krishnappa. The capital will be used to onboard the properties and build a robust technology platform for tenants, apartment owners and prospective tenants. The company also plans to
Real estate transaction platform Square Yards is investing aggressively in technology for its mortgage advisory business Square Capital aiming to become the largest loan aggregator in India. ET Realty reports the company is planning to invest $2 million in its online home loan technology subsidiary Square Capital, aiming to double loan disbursements to around Rs 1,500 crore by the end of current financial year. Square Yards entered the online home loan space more than a year ago with the launch of the Square Capital business which was intended to leverage the captive home loan business it originated from transactions taking place on its real estate platform. The company
Quikr founder and CEO Pranay Chulet. Image credit: thehindubusinessline.com Leading classifieds platform Quikr has acquired recruitment startup Hiree to strengthen its offer across the entire spectrum of job categories from entry-level, to blue, grey and while collar roles across India. The eBay-backed company will merge Hiree with its jobs vertical QuikrJobs and the new entity will operate out of Quikr's headquarters in Bangalore. With the addition of Hiree, which boasts some of the world's largest IT companies among its clients, QuikrJobs will preside over a platform connecting over 4 million active candidates with recruiters across the country. Hiree, which describes itself as a hiring platform with 'smart matching algorithms', offers
Fella Homes co-Founders from left, Virender Pratap Singh, Amit Gupta, Digendra Singh Rathore, Yadwinder Paul Singh Image Credit: www.viralindiandiary.com Indian fully furnished homes rental service, Fella Homes has acquired competitor LifePad along with its network of homes and Noida-based team in an all cash deal. Currently operating out of Gurgaon only, Fella Homes aims to leverage from the acquisition to quickly expand its network of homes and establish a multi-city presence. The company says LifePad homes will be rebranded Fella Homes and will be managed under the same banner with customers gaining access to a larger network of homes to chose from.
DB Corp Chairman Ramesh C. Agarwal (left) and Non-Exective Director Girish Agarwal. Image Credit: www.thehindubusinessline.com The latest Indian real estate portal to launch in India, Homeonline.com will go live nationally on 1 August 2016 after a year long investment from publishing giant DB Corp. DB Corp, which made the announcement in its Q1FY17 quarterly report, says it has been nurturing the website in Raipur and Bhopal to keep its real estate segment ‘strong and protected.’ For the quarter ended June 2016 (Q1FY17) the company's internet segment revenues were Rs 23 crore ($US 3.4m) up by 6.5 per cent from Rs 21.5 crore in the same quarter last year.
Info Edge chief financial officer Chintan Thakkar Info-Edge India-owned real estate portal 99acres grew 16.5 per cent in the June quarter but also posted a loss of Rs 21 crore down 40 per cent from Rs 36 crore at the same time last year. Chief financial officer Chintan Thakkar says the environment in the real estate market remains tough but losses at 99acres were lower compared to last year due to lesser competition. The company also reported a 17.1 per cent growth for its recruitment solutions vertical Naukri.com and says this business commands a 75 per cent traffic share of the jobportals market and is continuing