Anarock Plans to Raise Rs 750 Crore to Acquire Proptech Startups
Anarock plans to raise around USD 100 million (around Rs 750 crore) as equity to acquire proptech startups and expand the business, a top company official said. Mumbai-based Anarock, which is one of the leading property consultants in the country, had posted an 18 per cent growth in its revenue at around Rs 305 crore during the 2020-21 financial year despite the pandemic.
The company is targeting to increase its turnover to around Rs 400-450 crore this fiscal.
“We are looking to raise around USD 100 million as equity. There are many opportunities in the market for the acquisition of proptech firms. We want to acquire some of those companies, which fit in our growth strategies,” said Anarock Chairman, Anuj Puri.
The company has started preliminary discussions with potential investors, he said, adding that it would take at least six months for the completion of fundraising. In January this year, Anarock acquired society and apartment management platform ApnaComplex from Bengaluru-based NestAway Technologies for around Rs 100 crore.
Anarock has a presence across India and the Middle East. Its services include residential broking and technology, retail (in partnership with Vindico), commercial, investment Banking, hospitality (in partnership with HVS), land services, industrial and logistics (in partnership with Binswanger), investment management, flexible workspaces (in partnership with Upflex), research, strategic advisory & valuations and project management services (in partnership with Mace).