Real estate consultant Anarock on Monday announced it has raised Rs 200 crore from 360 One Asset Management for expansion and growth of its business amid strong consumer demand for residential and commercial properties.
Puri did not disclose the equity stake dilution in Anarock for raising the Rs 200 crore amount
Real estate consultant Anarock on Monday announced it has raised Rs 200 crore from 360 One Asset Management for expansion and growth of its business amid strong consumer demand for residential and commercial properties.
"We have raised Rs 200 crore as equity funding from 360 One Asset. The amount will be utilised for expansion and growth of our business. We will also spend a lot on technology upgradation to provide better service to our clients," Anarock Chairman Anuj Puri told PTI.
He said the One Asset Management (earlier known as IIFL Asset Management), is Anarock's first equity investor.
Puri did not disclose the equity stake dilution in Anarock for raising the Rs 200 crore amount.
Homegrown Anarock was established by Puri in April 2017 after serving as country head for 10 years in an international property consultancy firm.
Anarock clocked Rs 440 crore revenue in the last fiscal and is expecting a 30 per cent growth this fiscal to around Rs 575 crore, riding on the surge in housing demand.
Puri said the equity investment would help the company to enhance its technology infrastructure, accelerate its expansion, and introduce new innovations.
Anarock aims to expand its market share in Indian real estate services space.
"This investment will go a considerable way in keeping Anarock at the forefront of the industry by fuelling further innovation and growth," Puri said.
The capital has been earmarked for faster business expansion and fine-tuning its proprietary proptech platforms, he added.
"We will continue to explore new high-growth business opportunities," Puri said.
He noted that this is the most opportune time to expand its reach and services as the Indian real estate sector is poised to cross USD 1 trillion mark by 2030.
360 One Asset Management is part of the 360 ONE group, a wealth and alternates-focused institution with over USD 54 billion assets under management.
Anarock said it aims to lead the market with upgraded AI/ML (artificial intelligence and machine learning) technologies to accelerate our developer clients' residential inventory sales.
Sameer Nath, Chief Investment Officer and Head of Venture Capital & Private Equity at 360 One Asset, said, " In Anarock, we observe a top-class management team, premier marketing and advisory capabilities and a clear leader in India's large and growing real estate services sector."
Rohin Shah, Director & Co-Founder of Anarock, said the partnership will "significantly leverage our 30 years of experience in the Indian real estate market and accelerate our pursuit of innovative and market-leading real estate solutions for our clients."
Anarock's key focus will remain research and technology-driven marketing and sales of real estate across all major sectors acting for developers, investors, and occupiers, he added.
Anarock has presence in major cities of India and the Middle East. It has a team of over 2,200 people.
Last month, Puri of Anarock said the company is expecting revenue of around Rs 575 crore this fiscal, of which Rs 400 crore will come from sales of residential properties on behalf of builders.
Puri said the company also expects significant revenue from consultancy services in non-residential segments like leasing of retail and warehousing spaces, land deals and capital market transactions.
Anarock had facilitated sales of 18,500 housing units worth about Rs 20,000 crore during the previous fiscal.