Reloy Raises Funding of Rs 7.2 Cr to Expand Proptech Operations
Reloy, a proptech company backed by HDFC Capital, has successfully raised INR 7.2 crore from investors to expand its business operations. The firm specializes in assisting realtors in generating referral sales and aims to fuel its growth with this pre-series A2 funding round.
Reloy (formerly known as Loyalie) received continued support from existing investors, along with new investors such as BlueLotus VC and Dream Green Capital. The capital infusion will be utilized to propel the company’s expansion plans, according to an official statement.
Last year in February, Reloy had secured INR 5.9 crore in funding, bringing the total external funding to over INR 13 crore.
Reloy’s founder and CEO, Akhil Saraf, highlighted the significance of India’s population growth and the need for builders to construct large cities. Saraf expressed the importance of empowering builders with referrals to support their endeavors. He further explained that Reloy’s solution streamlines the post-purchase journey for homeowners, offering rewards and benefits related to home interiors and finance.
The platform currently manages over 140,000 apartments and serves prominent clients such as Godrej Properties, DLF, Shapoorji Pallonji Real Estate, Embassy Residential, Mahindra Lifespaces, K Raheja Corp, Brigade, and Piramal Realty.
In April this year, HDFC Capital Advisors announced its plan to increase its stake in Reloy (previously Loyalie IT Solutions) from 7.2% to up to 9.6%. This was accomplished through the acquisition of 1.67 lakh compulsory convertible preference shares (CCPS) at a rate of INR 89.81 per equity share, totaling INR 1.49 crore. In March of the previous year, HDFC Capital had acquired a 7.2% equity stake in Loyalie IT Solutions (now Reloy) for INR 1.1 crore.
Reloy has been collaborating closely with leading real estate developers to enhance the homeownership experience through its customer loyalty programs. The company’s turnover surged to approximately INR 13 crore in the 2022-23 fiscal year compared to INR 4.33 crore the previous year.
Reloy’s services encompass various post-purchase aspects, including document management, construction tracking, and payments. Additionally, the company operates a marketplace that caters to other related needs such as home interiors and finance.
Founded in 2015, Reloy has been specializing in real estate loyalty and referrals since 2018. The company operates as a B2B2C homeowner and broker management platform, facilitating efficient customer and broker management for builders.
Reloy offers platforms for managing homeowners and channel partners, with the aim of simplifying the process of buying a home. Their technology assists builders in generating affordable referral sales and enables buyers to meet their specific requirements. This helps real estate agencies establish efficient distribution channels and makes homes more affordable, transparent, and tailored to individual preferences.
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