 "Proptech firm Reloy raises Rs 7.2 cr from investors to grow business")
HDFC Capital-backed proptech firm Reloy, which helps realtors in generating referral sales, has raised Rs 7.2 crore from investors to expand its business.
In a pre-series A2 funding round, Reloy (earlier known as Loyalie) said all the existing investors participated along with new investors like BlueLotus VC and Dream Green Capital.
The investment will be used to fuel the company's growth and expansion plans, the company said.
In February last year, the company had raised Rs 5.9 crore from investors, taking the total external funding to over Rs 13 crore.
"India is now the world's most populated nation with only the 7th largest land mass. We need our builders to create the largest cities the world has ever seen. It's time we empowered good builders with our referrals," Reloy founder and CEO Akhil Saraf said.
"Our solution streamlines the post-purchase journey that homeowners have with builders and rewards them with benefits across ancillary requirements of home interiors and home finance," Saraf said.
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The platform manages over 1.4 lakh apartments.
Its clientele includes 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 said it will increase its stake in Loyalie IT Solutions (now renamed as Reloy) to up to 9.6 per cent from 7.2 per cent currently.
HDFC Capital Advisors acquired 1.67 lakh compulsory convertible preference share (CCPS).
The preference shares were acquired at Rs 89.81 per equity share, taking the transaction value to Rs 1.49 crore.
In March last year, HDFC Capital had acquired 7.2 per cent equity stake in Loyalie IT Solutions (Reloy) for Rs 1.1 crore.
Reloy has been working closely with top real estate developers to create the perfect home owning journey through their customer loyalty programmes.
Its turnover jumped to around Rs 13 crore in 2022-23 fiscal from Rs 4.33 crore a year ago.
The company helps homeowners in post-purchase like document management, construction tracking, payments. It also creates a marketplace for other connected needs of home interiors and home finance.
Founded in 2015, Reloy has been specialising in real estate loyalty and referrals since 2018. Reloy is a B2B2C homeowner and broker management platform that helps builders manage their customers and brokers more efficiently.