IndiaHomes raises Rs 150cr from venture capital companies

NEW DELHI: IndiaHomes, a property broking portal, raised Rs 150 crore from US-based venture capital firm New Enterprise Associates (NEA) and two existing investors.

Present in Delhi, Gurgaon, Noida, Mumbai, Bangalore and Kolkata, IndiaHomes plans to expand its presence in other major cities. Formed in 2009, this is the second round of private equity fund raising by the company. It had earlier raised Rs 120 crore from Helion Venture Capital and Foundation Capital.

"We have decided to expand our operations to 50 major towns in India. We have raised Rs 150 crore private equity led by NEA. Our existing partners Helion Venture and Foundation Capital have also invested," IndiaHomes founder and managing director Samarjit Singh said. NEA India senior managing director Bala Deshpande would join the company's board.

Singh said the company would use the proceeds on expansion to 50 cities, technology improvement and brand promotion.

Sr managing director of Helion Advisors Sanjeev Aggarwal said this is the third investment in IndiaHomes as it was satisfied with the company's growth. Aggarwal said the interest of US investors in India has increased in the last couple of months.