real estate brokerage platform Flyhomes

US-based Flyhomes, a real estate brokerage platform that helps clients through the entire home buying process, raised US$ 150 million in Series C funding to fuel its growth and expand its presence in India.

Investors: The funding round was co-led by venture capital firms Norwest Venture Partners and Battery Ventures, with participation from Fifth Wall, Camber Creek, Balyasny Asset Management, Zillow co-founder Spencer Rascoff, and existing investors Andreessen Horowitz and Canvas Partners. Lisa Wu of Norwest Venture Partners and Roger Lee of Battery Ventures will join the Flyhomes Board of Directors.

Purpose of the funding: The funds raised will be utilized by the company to scale up its operations, and increase its India staff by 3X from the current 150. It will hire talent for Engineering, Product, Analytics, Brokerage and Mortgage Operations, Marketing and HR verticals.

About Flyhomes

Flyhomes

Founded in 2016 by Stephen Lane and Tushar Garg, Flyhomes is transforming the home buying experience through comprehensive consumer education, segmented expertise, financial innovation and on-demand technology. It brings every step of the home buying process, from brokerage to mortgage, together in one platform. It also offers financial products to help the clients get what they want for less money.

Flyhomes allows sellers to buy and move into their new home before selling their current one. This removes the hassle of moving twice, taking a double mortgage or living through house showings. The startup even guarantees its customers that a transaction will close. If a buyer has to back out of a transaction, Flyhomes itself will purchase the home, thus eliminating uncertainty for the seller. The startup claims to have bought and sold more than US$ 2.5 billion homes since its inception.

What the stakeholders have to say: “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. Our first engineers were based in India, and are still with the company”. — Tushar Garg, CEO and Co-founder of Flyhomes.

“We are scaling up in India to leverage the top-quality talent here. We have distributed teams across the US and India in almost all verticals today.” — Gaganpreet Luthra, Managing Director, Flyhomes, India.

“We have already laid down the foundations in the last couple of years and are looking at our India team as a strategic partner in our growth journey from here on; as we expand our business into multiple states in the US.” — Sam Kasle, EVP Sales, Flyhomes.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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