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Funding Alert: US-based Flyhomes raises USD 150 mn from investors

US-based Flyhomes raises USD 150 mn from investors

Funding News

Funding Alert: US-based Flyhomes raises USD 150 mn from investors

US-based proptech firm Flyhomes has raised USD 150 million from investors to expand its presence in America and to fund future growth. Founded by Tushar Garg and Stephen Lane, Flyhomes will increase its employee strength in India by three times from the current 150. It does not have operations in India. Flyhomes has raised USD 150 million Series C financing to fuel its growth, the company said in a statement.

The round was co-led by venture capital firms Norwest Venture Partners and Battery Ventures. Fifth Wall, Camber Creek, Balyasny Asset Management, Zillow co-founder Spencer Rascoff, and existing investors Andreessen Horowitz and Canvas Partners also participated in this round of funding. The new funding will enable the company to scale service and support to meet the outsized demand in the current markets of Seattle, San Francisco Bay Area, Los Angeles, San Diego, Portland and Boston, and open additional markets in the US.

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Flyhomes brings every step of the homebuying process, from brokerage to mortgage, together in one seamless experience and innovates on financial products, the statement said. “India has been our strategic partner ever since we started and an enabler in more ways than one. The country and its talent have been instrumental in the success of Flyhomes at a global level,” Flyhomes CEO and Co-founder Tushar Garg said. Gaganpreet Luthra, Managing Director, India, said, the company is scaling up in India to leverage the top-quality talent here.

The company will be hiring for the engineering, product, analytics, brokerage and mortgage operations, marketing and HR verticals. “Our focus is on building the right leadership and culture in India to deliver high performance output. We have distributed teams across US and India in almost all verticals today,” Luthra said. Flyhomes said it has reinvented the home purchase process for buyers at every step. To date, the company has helped thousands of people close on more than USD 2.5 billion worth of homes using their cash offer and the ability to buy a new home before selling the one they are in.

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