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.
(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.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.