Business

Real estate startup Flyhomes raises $150 million in series C funding

TARUSH BHALLA :
Real estate startup, Flyhomes, has raised $150 million (about 1,096 crore) as part of its series C financing co-led by Norwest Venture Partners and Battery Ventures.

The round also saw participation from Fifth Wall, Camber Creek, Balyasny Asset Management, Zillow co-founder Spencer Rascoff, and existing investors Andreessen Horowitz and Canvas Partners.

The company plans to use the funds to fuel its growth and expand its presence. Flyhomes plans to scale its Indian operations and take its team size from 150 to 450 members in India. The company will be hiring across functions of engineering, product, analytics, brokerage, mortgage operations, and marketing, it said in a statement.

As part of the transaction, Lisa Wu of Norwest Venture Partners and Roger Lee of Battery Ventures will also join Flyhomes’ board of directors.

Flyhomes helps home buyers, and brings every step of the homebuying process, from brokerage to mortgage, under one platform.

“India has been our strategic partner ever since we started and an enabler in more ways than one. The country and its talent have been instrumental in the success of Flyhomes at a global level. As part of the expansion strategy, we are looking to triple the size of our team, and focusing on hiring engineers, product managers, growth hackers and business intelligence analysts with an entrepreneurial spirit,” said Tushar Garg, chief executive officer and co-founder, Flyhomes.

Flyhomes also enables sellers to buy and move into their next home before selling their current one, eliminating the hassle of moving twice, taking on a double mortgage, or living through house showings.

Further, if a Flyhomes buyer has to back out of a transaction, the platform will purchase the home, eliminating uncertainty for the seller.

“We are scaling up in India to leverage the top-quality talent here. Our focus is on building the right leadership and culture in India to deliver high performance output. We have distributed teams across the US and India in almost all verticals today,” said Gaganpreet Luthra, managing director of Flyhomes India.

Flyhomes has bought and sold homes worth more than $2.5 billion on its platform, since inception in 2016.

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