Update: Proptech startup HouseEazy raises $7 Mn in Series A

Update: HouseEazy, a full stack marketplace for resale homes, has raised $7 million in Series A funding. This round was a mix of equity and debt led by Chiratae Ventures and saw participation from Alteria Capital and existing investor Antler.

The funds will be utilised to fuel the organization’s growth across new geographies in NCR, strengthening brand presence, team expansion and product enhancement, HouseEazy said in a press release.

Original story follows:

HouseEazy, an online marketplace for pre-owned homes, has raised Rs 33.5 crore (around $4 million) in Series A led by Chiratae Ventures Fund with participation from Veena Jindal, Antler Innovation Fund, and IA Growth Opportunities Fund. 

The board at HouseEazy has issued a total of 3,915 shares at a face value of Rs 10 and premium of Rs 85,666 on preferential basis and by way of private placement, the company’s regulatory filings with Registrar of Companies show.

Chiratae Ventures has invested Rs 29.62 crore, whereas Antler Innovation Fund invested Rs 2.86 crore. IA Growth Opportunities Fund and  Veena Jindal invested Rs 76.25 lakh and Rs 29 lakh respectively.

As per startup data intelligence platform TheKredible, HouseEazy has reached a valuation of Rs 156 crore post money (over $18 million). The company may raise more funds in this round and the valuation will vary accordingly.

In December 2023, HouseEazy raised $1 million in a seed round led by Antler and picked up $370,000 in pre seed funding in June 2022.

Founded in 2021 by Tarun Sainani and Deepak Bhatia, HouseEazy is building a full-stack, data driven technology platform to provide the best prices and instant liquidity to sellers and title-checked, refurbished, ready-to-move-in homes to buyers.

The platform also offers mortgage, legal and registry facilitation services that makes it a one-stop shop for all resale customers.

The Noida-based company says that it uses a proprietary machine-learning algorithm with over 1.25 million data points to provide real-time price offers, eliminating the need for multiple meetings & negotiations for sellers.

HouseEazy claims that it reached an ARR of Rs 425 crore (GMV) while maintaining profitability. The firm expects to hit Rs 1,800 crore ARR in the next 15-18 months from the NCR market alone.

For the fiscal year ending March 2023 (FY23), HouseEazy registered Rs 2.78 crore in operating revenue with Rs 44 lakh in loss.

Update at 1 pm: The headline and story have been updated to include more inputs from HouseEazy's official press release.