HDFC said Thursday it will acquire a 7.2 percent stake in proptech start-up Loyalie IT Solutions Pvt Ltd for Rs 1.1 crore.
Founded in 2018 by Akhil Sharaf and recently renamed Reloy, Loyalie has worked closely with top builders to create the perfect home ownership journey through their customer loyalty programs.
Loyalie had raised Rs 5 crore from investors including Inflection Point Ventures in January to expand and grow her business.
In a regulatory filing, Housing Development Finance Corporation (HDFC) said its subsidiary HDFC Capital Advisors Ltd (HCAL) “entered into a share subscription agreement to acquire 3,90,666 shares of Loyalie, which upon allocation would entitle HCAL to approximately 7.20 percent of Loyalie’s share capital at date, on a fully diluted basis.”
HCAL is proposing to invest in Loyalie as part of its H@ART initiative program to invest in technology companies for the benefit of the real estate ecosystem, it added.
It is proposed to acquire the shares at Rs 28.16 per share.
The deal is expected to close at the end of this month.
Loyalie is engaged in offering marketing programs suggested by its clients, offering loyalty/rewards bonuses suggested by its clients and providing brokerage services in accordance with the requirements of its clients.
Loyalie’s revenue rose to Rs 2.02 crore in fiscal year 2020-21 from Rs 1.33 crore in the previous year, according to the filing.
The January pre-Series-A strategic round was led by Inflection Point Ventures, Fawkes Fund, the family office of Greenpanel & Greenlam, and more than 50 prominent angels.
“The funding will be used to expand our operation, strengthen our team and technology,” Sharaf told PTI.
The start-up is present in more than 10 cities and collaborates with, among others, Godrej Properties, Mahindra Lifespace Developers and Shapoorji Pallonji Real Estate.
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