Ivy Homes, a prop-tech business, said on Monday (June 6) that it has secured $5.75 million in equity and $1.3 million in debt in a seed round led by Khosla Ventures, Venture Highway, Y Combinator, GFC, Foundamental, Better Capital, and Titan Capital.
The funding will be used to improve product development and increase recruiting at the firm. “The cash we’ve secured is a significant step toward realizing our aim of providing transparent real estate solutions. “With our proprietary data and pricing engine, we want to turn a difficult, unpleasant, and month-long struggle into a transparent and predictable process,” said Abhilash Narahari, cofounder of Ivy Homes.
The firm, founded in 2021 by Narahari and Pritam Thakur, uses a unique artificial intelligence (AI) and machine learning (ML)-backed algorithm to provide homeowners with quick liquidity. The program promises to predict a property’s market worth based on 80 variables and then make fast bids to purchase properties.
About Ivy Homes
The startup manages the full transaction lifecycle, from house inspection through legal diligence, and finally to close and payment. It then renovates the property before reselling it. Ivy Homes now only operates in Bengaluru, where it claims to have access to 25 lakh property sales information.
By 2030, the Indian real estate industry is predicted to reach $1 trillion, up from $200 billion in 2021. MagicBricks, 99acres, and NoBroker, among others, are among the participants in the proptech field.
According to a recent analysis by the Confederation of Indian Industry (CII) and Colliers, investments in proptech enterprises are predicted to reach $1 billion by 2025, driven mostly by the use of new technologies in the real estates sector such as AI, VR, and IoT.
Wehouse, a proptech firm located in Hyderabad, secured $1 million in investment from Anthill Ventures and other investors last month. Another proptech company, TEAL, raised $2 million in a Pre-Series A investment backed by Omidyar Network India in May.