Homexchange India
Revolutionizing the way people sell and upgrade home.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $4.0m | Seed | |
| Total Funding | 000k | ||
| USD | 2022 |
|---|---|
| Revenues | 0000 |
| EBITDA | 0000 |
| Profit | 0000 |
| EV | 0000 |
| EV / revenue | 00.0x |
| EV / EBITDA | 00.0x |
| R&D budget | 0000 |
Source: Dealroom estimates
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Positioned within India's burgeoning proptech sector, Homexchange is a platform designed to address the complexities homeowners face when upgrading their primary residence. Founded in 2020 by Shirish Godbole and Jesal Sanghvi, the Mumbai-based company operates as an online reseller for residential properties, aiming to streamline the traditionally lengthy and uncertain process of selling an old home to finance a new one. Shirish Godbole, the company's chairman, brings experience from Morgan Stanley, while CEO Jesal Sanghvi formerly worked with Westbrook Partners, providing the leadership team with a strong background in real estate and finance.
The core of Homexchange's business model is to provide homeowners with a quick and fair-price offer for their existing property, thereby unlocking equity to facilitate the purchase of a new home from one of its partnered developers. The company utilizes proprietary algorithms and data analytics to determine a property's value, presenting an offer to the customer within five days. This process significantly reduces the transaction timeline, with the potential to close deals within 30 days. Homexchange's revenue is primarily generated from a 2% service fee charged on the offer price of the old home it purchases. The client can then use the unlocked capital to acquire a new property from an inventory of partnered developers, which includes prominent names like L&T Realty, Oberoi Realty, and Rustomjee.
The company launched its services in Mumbai and has since expanded its operations to Thane and Bengaluru. In July 2022, Homexchange secured $4 million in a funding round with participation from HDFC Capital, Oberoi Realty, and the real estate consulting firm ANAROCK. This capital infusion was earmarked for technological enhancements, partnership development, and geographic expansion. By providing a guaranteed sale, the platform eliminates the uncertainty and hassle of traditional secondary market sales, which are often fragmented and can take months to complete. As of mid-2022, the company reported having handled transactions valued at approximately INR 120 crore.
Keywords: proptech, real estate technology, home upgrade, property exchange, iBuyer India, residential property, real estate finance, property valuation, home sale platform, equity unlock, Mumbai real estate, Bengaluru real estate, Anarock, HDFC Capital, Oberoi Realty, Shirish Godbole, Jesal Sanghvi, instant home offer, secondary housing market, real estate investment