Flyhomes, a US headquartered pioneer and market leader of the end-to-end homebuying model, has raised $150 million Series C financing to fuel its growth and expand its presence in India.
The round was co-led by venture capital firms Norwest Venture Partners and Battery Ventures, with additional participation from Fifth Wall, Camber Creek, Balyasny Asset Management, Zillow co-founder Spencer Rascoff, and existing investors Andreessen Horowitz and Canvas Partners.
As part of the transaction, Lisa Wu of Norwest Venture Partners and Roger Lee of Battery Ventures will join the Flyhomes Board of Directors. Flyhomes brings every step of the homebuying process, from brokerage to mortgage, together in one seamless experience and innovates on financial products to help their clients win faster and for less money.
With an aim of scaling up its operations, Flyhomes is looking at increasing its India staff by 3X from the current 150. The company will be hiring for the Engineering, Product, Analytics, Brokerage and Mortgage Operations, Marketing and HR verticals.
Speaking about this, Tushar Garg, CEO and Co-founder, Flyhomes, said, “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”.
Adding her views, Gaganpreet Luthra, Managing Director, India, said, “We are scaling up in India to leverage the top-quality talent here. We have distributed teams across US and India in almost all verticals today”.
The Flyhomes cash offer turns buyers into all-cash buyers to give them a competitive edge to win when buying a home. 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. Flyhomes further strengthens homebuyers’ offers by guaranteeing that a transaction will close. If a Flyhomes buyer has to back out of a transaction, Flyhomes will purchase the home, eliminating uncertainty for the seller.
Sam Kasle, EVP Sales, Flyhomes, said, “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.”
Flyhomes has bought and sold more than $2.5 billion homes since launching operations in 2016. Homebuyers using the company’s innovative financial products are four times more likely to win than working with traditional agents, and they win without being the highest bidder more than half of the time.