HDFC on Thursday said it will acquire 7.2 per cent stake in proptech start-up Loyalie IT Solutions Pvt Ltd for Rs 1.1 crore.
Founded by Akhil Sharaf in 2018, Loyalie, which has recently been renamed as Reloy, has been working closely with top builders to create the perfect home owning journey through their customer loyalty programmes.
Loyalie had in January raised Rs 5 crore from investors, including Inflection Point Ventures, to expand and grow its business.
In a regulatory filing, Housing Development Finance Corporation (HDFC) said its subsidiary HDFC Capital Advisors Ltd (HCAL) has "entered into a share subscription agreement for acquisition of 3,90,666 equity shares of Loyalie which post allotment, would entitle HCAL to approximately 7.20 per cent of the equity share capital of Loyalie as on date, on a fully diluted basis."
Investment in Loyalie is proposed to be made by HCAL under its H@ART initiative programme to invest in technology companies for the benefit of the real estate ecosystem, it added.
The shares are proposed to be acquired at Rs 28.16 per equity share.
The deal is likely to be concluded by the end of this month.
Loyalie is engaged in the business of offering marketing schemes proposed by its clients, offering loyalty/reward bonuses proposed by its clients and providing real estate brokerage services as per its clients' requirements.
Loyalie's turnover rose to Rs 2.02 crore in financial year 2020-21 from Rs 1.33 crore in the previous year, according to the filing.
The strategic pre-Series-A round in January was led by Inflection Point Ventures, Fawkes Fund, family office of Greenpanel & Greenlam, and over 50 prominent angels.
"The funding will be used to expand our operation, strengthen our team as well as technology," Sharaf told PTI.
The start-up has presence in more than 10 cities and is working with Godrej Properties, Mahindra Lifespace Developers and Shapoorji Pallonji Real Estate, among others.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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