HDFC Capital To Increase Stake in Proptech Startup Reloy

Amid a spike in the adoption of technologies in the Indian real estate market, HDFC Capital Advisors will boost its ownership in proptech startup Reloy IT Solutions (Previously named as Loyalie) to up to 9.6% from the current 7.2%. It is suggested to pay Rs 89.81 for each equity share while purchasing the preference shares, for a total transaction cost of Rs 1.49 crore.

HDFC Capital worked Rs 1.1 crore in March of last year on buying a 7.2% portion of Loyalie IT Solutions Pvt Ltd (Reloy).

Through their customer loyalty programmes, Reloy, a business started in 2018 by Akhil Saraf, has been working closely with top real estate developers to offer the ideal home ownership experience.

According to the regulatory filing made by Housing Development Finance Corporation (HDFC), its subsidiary HDFC Capital Advisors Ltd (HCAL) “entered into another share subscription agreement for the acquisition of CCPS of Loyalie on April 18 of this year, after which HCAL would have a fully diluted interest of between 1.8 and 2.4 percent in Loyalie.

As part of its H@ART initiative programme, which invests in creative businesses in an effort to advance the real estate sector, HCAL has proposed funding Loyalie.

Loyalie (Reloy) provides real estate brokerage services. Its business is to offer marketing strategies as well as customer-proposed loyalty and reward benefits.

Reloy raised Rs 5 crore from investors in a pre-Series-A round in January of last year.

The start-up works with organisations like Shapoorji Pallonji Real Estate, Mahindra Lifespace Developers, and Godrej Properties and is present in all major cities.

The adoption of cutting-edge technologies to enhance the customer and consumer experience throughout the real estate life cycle has grown significantly over the last three years. Artificial intelligence (AI), the internet of things (IoT), and virtual reality are a few examples of these technologies.