Proptech startup Ivy Homes raised $5.75 Mn in equity and $1.3 Mn in debt in a seed round funding which saw participation from marquee investors such as Khosla Ventures, Venture Highway, Y Combinator, GFC, Foundamental, Better Capital and Titan Capital.
The startup will use the funds to strengthen product development and ramp up hiring.
“The funding that we have raised is a big step towards realising our mission to deliver transparent solutions to the real estate sector. With our unique data and pricing engine, we aim to transform what is a complex, painful and month-long ordeal into a transparent and predictable process,” said Ivy Homes cofounder Abhilash Narahari.
Founded in 2021 by Narahari and Pritam Thakur, the startup deploys a proprietary artificial intelligence (AI) and machine learning (ML)-backed algorithm to offer instant liquidity to homeowners. The platform claims to forecast the market value of the property based on 80 parameters and then makes instant offers to buy homes.
The startup handles the entire lifecycle of the transaction from house inspection to legal diligence, and from finally closing the deal to making payment. It then refurbishes the property and further sells it. Ivy Homes currently offers its services in just Bengaluru and claims to have access to 25 Lakh home sales records in the city.
