New Delhi: Real estate Digital Amenities provider Reloy has raised Rs. 5 CR 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 the world’s largest homeowner loyalty platform. Reloy has been working closely with the largest builders to create the perfect home owning journey through their customer loyalty programs. They have influenced over Rs 700+ Cr sales in the real estate industry with clients like Sharpoorji Pallonji, Godrej Properties, Mahindra Lifespaces, Piramal Realty, Gera K Raheja, Birla Estates and Century Real Estate. The Company expects to generate sales worth Rs 5,000+ crore of sales for its current clients in the coming financial year.
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.”
Akhil Saraf, as CEO of 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%.
Reloy’s digital amenities aims to unlock the largest asset class in India – real estate, which holds 77% of the average Indian family’s wealth. Traditional technology is designed for e-commerce and the “buy now” mentality. Reloy’s tech platforms are designed for the unique fundamentals of real estate transactions – high value, low volume, once-in-a-lifetime and long decision-making periods. Digital amenities are created in collaboration with various brands and are meant to connect home buyers to their various needs. Across the clients, Reloy manages approx. 20,000+ homebuyers with properties worth INR 25,000Cr who are going to take possession in the next 4 years, and help brands create digital amenities and conveniences for them and get homebuyers discounts to help them move in.
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. 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.
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% to India’s GDP. In addition, the value of all outstanding home loans is around $250 billion in 2019, or 10% of the nominal GDP. Reloy is changing how housing as an industry works and is helping real estate brands leverage their brand through technology, marketing, and brand associations.
Discussion about this post