IndiaHomes targets $5 billion sales in GMV in 1000 days

BANGALORE: Property broking portal IndiaHomes today said the company has a goal to reach $ 5 billion (around Rs 30,000 crore) sales in GMV (Gross Merchandise Value) in 1000 days.

"Our financial goal is reach $ 5 billion of sales in GMV in 1000 days from the current rate of $ 1 bn GMV, a five-fold increase," IndiaHomes Managing Director Samarjit Singh told reporters here.

To achieve the target, the company, which is present primarily in six cities - Delhi, Gurgaon, Noida, Mumbai, Bangalore and Kolkata - plans to expand to an additional 50 cities, including Tier IIand III towns in the next few months.

IndiaHomes recently received an investment of Rs 150 crore in an investment round led by New Enterprise Associates (NEA).

"This investment will fuel our growth as we expand our presence from 10 to 50 cities in the next few months. Additionally, we will also make foray into the secondary market and envisage 60:40 ratio between primary and secondary market in the near future," Singh said.

"The company will adopt a company owned and company operated model for all 50 cities in which we will have operations," he added.

Stating that the company currently has over 500 professional executives in addition to channel partners, the company officials said they planned to increase its headcount to 700 by the next financial year.

Pointing out that south market currently contributes to about 17 per cent of the company's sales, IndiaHomes COO Bhaskar Bagchi said "currently south for us is only Bangalore, in the next three to six months we are going to add Chennai; ....my sense is that if you look at twelve months down the line this 17 per cent is likely to go up to 25 per cent and then of course we are looking to add Hyderabad also."