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IndiaHomes secures $4 million from existing VC backers

  • Alvina Yuen
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IndiaHomes, a Delhi-based property services company, has received $4 million from existing venture capital backers. The firm is seeking to raise another $6 million in the coming fiscal year.

IndiaHomes is backed by Helion Venture Capital and Foundation Capital, according to VCCircle. Each firm initially committed $6 million to IndiaHomes in 2010, securing minority stakes. Sanjeev Aggarwal of Helion and Ashu Garg of Foundation Capital joined the company's board as a part of the deal.

IndiaHomes is expected to use the capital to expand its business into the e-commerce space. Among other things, the company is looking to develop the Goldmine project, an online pricing system that categorizes real estate products based on comfort, luxury, market demand and availability. The online project will cost IndiaHomes $10 million over the next year.

In addition, the company is also exploring the possibility of aquiring a Mumbai-based IT firm. "Within the next 6-9 months, it will be clear whether we will develop our softwares in-house or acquire some company," said Samarjit Singh, managing director of IndiaHomes, told The Economic Times.

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