India Sotheby’s International Realty, a luxury real estate advisory service provider, has secured $5.5 million (Rs 37.16 crore) in Series-A funding to fuel its expansion plans.The capital infusion, by a Delhi-based ultra-high-net-worth individual, will be used to fund the art auction company affiliate’s expansion into Gurugram, Bengaluru, Kolkata, Pune, Goa and Sri Lanka, said a top executive of the company. These international offices will sell India luxury properties and will be controlled by India operations. The India franchise for Sotheby’s International Realty is owned by Realpro Realty Solutions (RRSPL).
PwC acted as the exclusive financial advisor for the deal with the investor, who is part of a Rs 1,000-crore diversified business group which is a major player in the country’s power solutions market. “The investment reinforces our confidence in making India Sotheby’s International Realty a formidable player in not just Indian luxury real estate, but the entire South Asia,” said Amit Goyal, founder of RRSPL.
“Our focus would continue on expansion and growth. We are keen on setting up 6-7 international desks for India. We are not looking to raise more funding over the next 18 months.”
Prior to this, India Sotheby’s International Realty had raised $8 million in two rounds, including $6 million last year through a combination of investment from other UHNIs and a brand-for-equity partnership with Bennett, Coleman & Co. Ltd (BCCL), the publisher of The Economic Times.
RRSPL recently made its first overseas expansion by signing a 25-year exclusive franchisee licence to operate the Sotheby’s International Realty brand in Sri Lanka.