Real estate startup Flyhomes raises $150m in Series C round

Photo by Josh Appel on Unsplash

Real estate startup, Flyhomes, has raised $150 million (about 1,096 crore) as part of its series C financing co-led by Norwest Venture Partners and Battery Ventures.

The round also saw participation from Fifth Wall, Camber Creek, Balyasny Asset Management, Zillow co-founder Spencer Rascoff, and existing investors Andreessen Horowitz and Canvas Partners.

The company plans to use the funds to fuel its growth and expand its presence. Flyhomes plans to scale its Indian operations and take its team size from 150 to 450 members in India. The company will be hiring across functions of engineering, product, analytics, brokerage, mortgage operations, and marketing, it said in a statement.

As part of the transaction, Lisa Wu of Norwest Venture Partners and Roger Lee of Battery Ventures will also join Flyhomes’ board of directors.

Flyhomes helps home buyers, and brings every step of the homebuying process, from brokerage to mortgage, under one platform.

“India has been our strategic partner ever since we started and an enabler in more ways than one. The country and its talent have been instrumental in the success of Flyhomes at a global level. As part of the expansion strategy, we are looking to triple the size of our team, and focusing on hiring engineers, product managers, growth hackers and business intelligence analysts with an entrepreneurial spirit,” said Tushar Garg, chief executive officer and co-founder, Flyhomes.

Flyhomes also enables sellers to buy and move into their next home before selling their current one, eliminating the hassle of moving twice, taking on a double mortgage, or living through house showings.

Further, if a Flyhomes buyer has to back out of a transaction, the platform will purchase the home, eliminating uncertainty for the seller.

“We are scaling up in India to leverage the top-quality talent here. Our focus is on building the right leadership and culture in India to deliver high performance output. We have distributed teams across the US and India in almost all verticals today,” said Gaganpreet Luthra, managing director of Flyhomes India.

Flyhomes has bought and sold homes worth more than $2.5 billion on its platform, since inception in 2016.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.