HDFC Backed Reloy Aims INR 13 Cr Revenue This Fiscal
HDFC backed proptech firm Reloy is targeting a three-fold jump in its revenue to INR 13 crore this fiscal, helped by expansion to new cities and the addition of more real estate clients.
Reloy was founded by Akhil Sharaf in 2018. Reloy, erstwhile Loyalie IT Solutions, has been working closely with top builders to create the perfect home-owning journey through their customer loyalty programmes. Just recently HDFC acquired a 7.2 percent stake in Loyalie IT Solutions Pvt Ltd now Reloy for INR 1.1 Cr.
Reloy had in January raised INR 5 crore from investors, including Inflection Point Ventures, to expand and grow its business.
Akhil Sharaf, CEO, Reloy said, ''Our overall turnover in the last fiscal year more than doubled to INR 4.3 crore as against INR 2 crore in the preceding year despite the Covid pandemic. With the help of recent fundraising we will expand its presence in more cities and strengthen its technological capabilities. With this fundraise; we are on track to grow three times this fiscal year to about INR 13 crore of revenue. We have been reinvesting its sales revenue to expand exponentially. We can choose to be profitable at our current scale, but the future of housing we dream of at Reloy requires a significant amount of reinvestment. So, we're going to disproportionately reinvest to get there faster. Housing as a product hasn't evolved in the last decade. Our current volumes in the top 7 cities are still 30 per cent below 2013/2014 levels whereas India's GDP has expanded by 55 per cent.”
In May, Housing Development Finance Corporation's (HDFC) subsidiary HDFC Capital Advisors Ltd (HCAL) entered into a share subscription agreement to acquire 3,90,666 equity shares of Loyalie now Reloy.
The startup is engaged in the business of offering marketing schemes, loyalty, reward bonuses proposed by its clients and providing real estate brokerage services as per its clients' requirements. The startup has a presence in more than 10 cities.
Post covid things are no longer the same again; there is resurgence in demand for hard assets like housing. Customers look clearer and want larger spaces, with more amenities and more conveniences. Aware of this trend Reloy aims to use technology to connect homes to personal finance and a consumer's lifestyle. Funded by HDFC Capital on one side and 50+ strategic angel who is founders and operators of some of the largest enterprises in the country gives Reloy the edge.
The fundamental premise of referral sales is that only happy customers refer. Reloy is primarily into managing the customer loyalty programme for several real estate brands like Godrej properties, Mahindra Lifespaces, Century Real estate, Piramal Realty, Gera developers etc via its ConnectRE app. Apart from this, Reloy also manages the Channel partner programmes through its platform WinnRE for several developers like L&T Realty, Brigade group, Mahindra Lifespaces, Rohan builders etc. The ConnectRE Platform helps builders manage their customers easily from the time of booking an apartment right till possession.