Homegrown housing brokerage startup Anarock plans to raise around $100 million (around Rs 750 crore) as equity to acquire proptech startups and expand the business, a top company official said.
Mumbai-based Anarock, which is one of the leading property consultants in the country, had posted an 18 per cent growth in its revenue at around INR 305 crore during the 2020-21 financial year despite the pandemic.
The company is targeting to increase its turnover to around INR 400-450 crore this fiscal.
“We are looking to raise around USD 100 million as equity. There are many opportunities in the market for the acquisition of proptech firms. We want to acquire some of those companies, which fit in our growth strategies,” said Anarock Chairman Anuj Puri.
The company has started preliminary discussions with potential investors, he said, adding that it would take at least six months for the completion of fundraising.
Puri formed Anarock in April 2017 after serving as chairman and country head for 10 years in a global property consultancy firm.
In January this year, Anarock acquired society and apartment management platform ApnaComplex from Bengaluru-based NestAway Technologies for around INR 100 crore.
Recently, Anarock had informed that the company sold residential properties worth INR 8,084 crore on behalf of developers during the April-September period this fiscal, up 82 per cent year-on-year, on a revival of demand, especially in Mumbai Metropolitan Region (MMR).
It had sold properties worth INR 4,446 crore in the April-September period of the last fiscal.
The company sold around 9,000 units during the first half of this fiscal. The average ticket size of units sold was at INR 90 lakh across the 13 cities of operation.
The Mumbai Metropolitan Region (MMR) alone contributed almost INR 5,000 crore of sales value within the first half of this financial year, followed by Delhi-NCR amounting to INR 832 crore sales and Bengaluru at INR 657 crore.
Anarock has a presence across India and the Middle East.
Its services include residential broking and technology, retail (in partnership with Vindico), commercial, investment Banking, hospitality (in partnership with HVS), land services, industrial and logistics (in partnership with Binswanger), investment management, flexible workspaces (in partnership with Upflex), research, strategic advisory & valuations and project management services (in partnership with Mace).
Anarock, which has a team of over 1,800 real estate professionals, has not yet entered into the leasing of office space.