Housejoy plans to raise $35 mn for expansion of construction, interiors biz

NEW DELHI: Technology startup Housejoy plans to raise $35 million (around 260 crore) by end of this year for business growth, a top company official said.

Bengaluru-based firm, which is engaged in construction, renovation, interiors and home maintenance, has so far raised $30.2 million from investors such as Amazon, Matrix Partners, Growth Story, Vertex Ventures and Qualcomm.

“We are planning to raise $30-35 million as growth capital. We have bagged Rs 100 crore worth contract in the IRC (interiors, renovation and construction) business. We want to expand in new cities,” Housejoy founder and CEO Sanchit Gaurav told .

The fund is required for new technology and brand awareness, he said, adding that the company aims to complete fund raising exercise by December. Founded in 2014, Housejoy entered the construction business last year and has secured an order book of Rs 100 crore spread over 350 projects.

This service is being currently provided in Bengaluru, Hyderabad and Chennai and the plan is to expand in seven-eight new cities including tier-II and tier-III towns, Gaurav said.

In the IRC business, Housejoy provides services right from building plans approval to the possession. The per sq ft rate is freezed at the time of entering an agreement with the customer.

“We plan to open multiple construction experience centres,” he said. The IRC business is growing at the rate of 20 per cent month-on-month and the company targets to build 2,000 homes over the next two years, he added.

“Our goal is to become the largest tech-enabled construction and home services platform in India,” Gaurav said. Housejoy posted a revenue of Rs 136 crore last fiscal – nearly four-fold jump from the previous year.

“We are almost profitable,” Gaurav said, adding that the margins in both the IRC and home maintenance business were around 15-20 per cent.

Meanwhile, the company recently appointed Neelima Ronanki as Associate Vice President – Design, Deepak Thakur as the Vice President (Product and Technology) and Gaurav Joshi as the senior vice-president of growth and strategy, as part of its expansion plan.

Housejoy plans to raise $35 mn for expansion of construction, interiors biz Housejoy plans to raise $35 mn for expansion of construction, interiors biz Reviewed by TechCO on 7/15/2020 Rating: 5

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