Flyhomes funding

End-to-end homebuying platform, Flyhomes announced on Friday that it has raised $150 million in a Series C round co-led by venture capital firms Norwest Venture Partners and Battery Ventures. 

The company plans to utilize the freshly raised funds to drive its growth and expand its footprint in India.  

The round also saw participation from Fifth Wall, Camber Creek, Balyasny Asset Management, Zillow co-founder Spencer Rascoff, and existing investors Andreessen Horowitz and Canvas Partners.

 As part of the transaction, Lisa Wu of Norwest Venture Partners and Roger Lee of Battery Ventures will join the Flyhomes Board of Directors. 

The startup revealed it is looking at increasing its staff in India by 3X from the existing 150. It will recruit in the engineering, product, analytics, brokerage and mortgage operations, marketing, and HR fields.

Commenting on the development, Tushar Garg, CEO and Co-founder, Flyhomes, said, “India has been our strategic partner ever since we started… The country and its talent have been instrumental in the success of Flyhomes at a global level. Our first engineers were based in India, and are still with the company… As part of the expansion strategy, we are looking to triple the size of our team, and focusing on hiring engineers, product managers, growth hackers, and business intelligence analysts with an entrepreneurial spirit.” 

Flyhomes claims to integrate every step of the home buying process in one smooth experience and innovates on financial products to support their clients win quicker and for less money.

Gaganpreet Luthra, Managing Director, Flyhomes – India, said, “We are scaling up in India to leverage the top-quality talent here. Our focus is on building the right leadership and culture in India to deliver high-performance output. We have distributed teams across the US and India in almost all verticals today.” 

Founded in 2016 by Tushar Garg and Stephen Lane, Flyhomes has enabled thousands of people to close on over $2.5 billion worth of homes using the startup’s cash offer. 

According to Flyhomes, in the present hyper-competitive market, homebuyers without all cash on hand are at a definite disadvantage, bidding and losing out on several homes before finally succeeding. 

It has also allowed its clients to buy and move into their next home before selling their existing one, removing the trouble of moving twice. The latest funding will also help the startup to scale service and support to satisfy 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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