Real Estate Digital Amenities provider Reloy has raised Rs 5 crore in a strategic pre-Series A round led by Inflection Point Ventures.
The round also saw participation from Fawkes Fund, family office of Greenpanel & Greenlam, and other angels.
“The funds raised will be used for expanding operations and fine tuning the product for a commercial launch,” the statement said.
Speaking on the investment in Reloy, Ankur Mittal, Co-Founder of Inflection Point Ventures said, “Residential housing sales is going through a huge growth cycle and Reloy through its partnership with the leading real estate developers is uniquely placed to benefit from this cycle.”
“On one hand it can help builders generate relatively cheaper referral sales (vs real estate agent sales) and on the other it can improve Buyers’ overall experience with the brand and further fuel referral sales creating a positive network effect. At scale, Reloy will also be building a strong downstream demand aggregation model (for consumer goods, interior services, lifestyle businesses etc) that has the potential to become the largest business model of its kind in the country,” Mittal added.
Founded in 2108 by Akhil Saraf, Reloy is looking to create conveniences in housing projects through its digital amenities. These digital amenities increase customer delight and boost referral sales by up to 200 percent.
Commenting on the fundraise, Akhil Saraf, Founder & CEO of Reloy said, “With the collective strength of the largest real estate companies coming together on our platform, we want to create a new type of housing. Consumer expectations have grown dramatically, while housing as a product hasn’t grown beyond the four walls.”
“The next type of housing is going to leverage digital amenities to solve unique homeowner problems and create conveniences around this asset ownership. We are excited to have IPV as our first institutional investor because we seek not just capital but mentorship, guidance, network and revenue opportunities that IPV is known for,” Saraf added.