Bengaluru-based proptech startup Ivy Homes has said it raised $5.75 million in equity and $1.3 million in debt in its seed round, which saw participation from Khosla Ventures, Venture Highway, Y Combinator, GFC, Foundamental, Better Capital, and Titan Capital.
Ivy Homes, which uses artificial intelligence (AI) and machine learning (ML) to provide instant liquidity to home sellers, will use the funds to build its product and expand its team.
“The funding we raised is a big step toward realizing 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 Abhilash Narahari, cofounder, Ivy Homes.
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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 50 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.
“As the first institutional investors, we are excited to back founders who solve complex problems and deliver category-creating solutions. We believe Ivy Homes has the opportunity to create a tech-driven ‘never before seen’ customer experience for home sellers and buyers,” said Priya Mohan, partner at Venture Highway.
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