Real Estate Innovator Flyhomes Raises $150 Mn In Series C Funding
The funding will be used to fuel growth and undertake expansion, including increasing employee strength in India by threefold
The US-headquartered end-to-end home-buying model company Flyhomes announced recently to have raised $150 million in the Series C funding round to fuel its growth, expand its presence in India and build upon its record-setting quarters.
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, Leo Capital 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.
"We believe in transformational leadership and people as our core strength. Our focus is on building the right culture in India to deliver high-performance output. Values of empowerment, a bias for action, innovation, people not properties, and winning together are our guiding principles. We have already laid down the strong foundations of a highly motivated team in the last couple of years. Customer focus is in our DNA and we are excited to add more game-changers to our team who can help us deliver our promise to the customers," said Gaganpreet Luthra, managing director, India, Flyhomes.
With an aim of scaling up its operations, Flyhomes is looking at increasing its India staff by threefold from the current 150. The company will be hiring engineers, product managers, designers, growth hackers, and strong operators with entrepreneurial spirit.
"Flyhomes is investing in rapidly growing our engineering, product, and design teams in both India and the US. We are transforming the US home buying experience, relying heavily on our team of talented engineers, sourced from premium institutes. India engineering talent has been critical to building Flyhomes — from our first engineers, who were based in India, and are still with the company," shared Tracie Hlavka, EVP, engineering, Flyhomes.
The Flyhomes cash offer turns buyers into all-cash buyers to give them a competitive edge to win when buying a home. Flyhomes also enable 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, the company shared in a statement.
"India has been our strategic partner from day 1, enabling us to provide the world's best home buying experience to our customers," added Tushar Garg, chief executive officer, and co-founder, Flyhomes.
Flyhomes has bought and sold more than $2.6 billion worth of 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.
In today's hyper-competitive market, homebuyers without all cash on hand are at a distinct disadvantage, bidding and losing out on multiple homes before finally winning. The new funding will enable the company to scale service and support to meet the outsized demand in the current markets of Seattle, San Francisco Bay Area, Los Angeles, San Diego, Portland and Boston, and open additional markets in the US.