HDFC-backed Proptech Startup Reloy Aims 3-fold Revenue Jump
HDFC-backed proptech firm Reloy is targeting a three-fold jump in its revenue to Rs 13 crore this fiscal, helped by expansion to new cities and the addition of more real estate clients. Founded by Akhil Sharaf in 2018, Reloy, erstwhile Loyalie IT Solutions, has been working closely with top builders to create the perfect home-owning journey through their customer loyalty programmes. In May, HDFC acquired a 7.2 percent stake in Loyalie IT Solutions Pvt Ltd (now Reloy) for Rs 1.1 crore. Reloy had in January raised Rs 5 crore from investors, including Inflection Point Ventures, to expand and grow its business. ''Our overall turnover in the last fiscal year more than doubled to Rs 4.3 crore as against Rs 2 crore in the preceding year despite the Covid pandemic,'' Reloy founder and CEO Akhil Sharaf told With the help of recent fundraising, he said, the company will expand its presence in more cities and strengthen its technological capabilities. ''With this fundraise, we are on track to grow three times this fiscal year to about Rs 13 crore of revenue,'' he said. Saraf said the company has been reinvesting its sales revenue to expand exponentially. ''We can choose to be profitable at our current scale, but the future of housing we dream of at Reloy requires a significant amount of reinvestment. So, we're going to disproportionately reinvest to get there faster,'' Saraf observed. In May, Housing Development Finance Corporation's (HDFC) subsidiary HDFC Capital Advisors Ltd (HCAL) entered into a share subscription agreement to acquire 3,90,666 equity shares of Loyalie (now Reloy). The startup is engaged in the business of offering marketing schemes, loyalty/reward bonuses proposed by its clients and providing real estate brokerage services as per its clients' requirements. The startup has a presence in more than 10 cities. Reloy is primarily into managing the customer loyalty programme for several real estate brands like Godrej properties, Mahindra Lifespaces, Century Real estate, Piramal Realty, Gera developers etc via its ConnectRE app. Apart from this, Reloy also manages the Channel partner programmes through its platform WinnRE for several developers like L&T Realty, Brigade group, Mahindra Lifespaces, Rohan builders etc. The ConnectRE Platform helps builders manage their customers easily from the time of booking an apartment right till possession.
Tags : HDFC-backed Proptech Startup Reloy 3-fold Revenue Jump Reloy founder and CEO Akhil Sharaf Inflection Point Ventures Godrej properties Mahindra Lifespaces Century Real estate Piramal Realty Gera developers