Real estate Digital Amenities provider Reloy announced it has raised Rs. 5 crore in a strategic pre-Series A round led by Inflection Point Ventures, Fawkes Fund, family office of Greenpanel & Greenlam, and 50+ prominent angels. The funds raised will be used for expanding operations and fine tuning the product for a commercial launch.
Started in 2018, Reloy is a homeowner loyalty platform. The Company expects to generate sales worth Rs 5,000+ crore of sales for its current clients in the coming financial year.
Akhil Saraf, CEO, Reloy has partnered with and is mentored by 6 of the 15 largest real estate builders in India. The company 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.
Reloy’s digital amenities aims to unlock the largest asset class in India - real estate, which holds 77 percent of the average Indian family’s wealth. Traditional technology is designed for e-commerce and the “buy now” mentality.
Akhil Saraf, Founder & CEO, Reloy says, “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."
Ankur Mittal, Co-Founder, Inflection Point Ventures says, “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.”
The real estate industry directly and indirectly, employs one of the largest workforces in India, second only to agriculture. The $180 billion sector comprises $100 billion from residential real estate. However, it contributes only 6 percent to India’s GDP. In addition, the value of all outstanding home loans is around $250 billion in 2019, or 10 percent of the nominal GDP.