Bangaluru based Elegance Enterprises plans to expand in three more cities
Bangaluru-based Elegance enterprises, an online-to-offline (O2O) real estate investment advisory and transaction platform, dealing in residential properties, will be expanding its operations to three more cities such as Mumbai, Hyderabad and Chennai from its current operations in Bangalore and Pune in the next quarter. The move comes on the back of a record quarter ending September, the company said in a release.
“Besides focusing on domestic market, we are planning to have a presence in Singapore, Hong Kong, Dubai and the US to service our existing clients and expand our footprint in these markets, before the end of next year,” said Ravikant, the Founder and Director of Elegance Enterprises.
Setting a target of realising turnovers of Rs. 400 cr during this financial year, the company aims to cross Rs 1000 crore mark in next three years. The company said that currently it is one of the top performing partners for developers like Prestige, Godrej, Bhartiya City, Reliaable, Embassy to name a few.
A bootstrapped company with total employee strength of 40 is looking at adding another 60 people before the end of this financial year. The company envisions being a single-point transaction-enabler for the global real estate industry. By leveraging emerging technology and analytics, the company intends to produce in-depth insights in asset valuation, due diligence, real estate portfolio optimization and the changing real estate dynamics. Discussions are already underway to raise a funding of about $5-10 million in the next six months, to support its growth plans, it said.
Incepted in November 2012, Elegance Enterprises aggregates and showcases real estate properties listed by institutional sellers to global investors and end-users, the firm has sold around 2000 units with a business turnover of around Rs. 100 cr with revenues of around Rs 20 cr.