Realty firm Smartworld Developers has raised Rs 2.50 billion from Motilal Oswal to build existing housing projects and fund future growth plans.
Smartworld Developers, which has been set up by the promoters of the M3M Group, had in October last year announced an investment of around Rs 30 billion to develop the company's first two residential projects in Gurugram.
The funding from Motilal Oswal will be used as growth capital and also for the development of existing housing projects, Smartworld Developers said on Sunday. The company has launched two projects, Smartworld Orchard, and Smartworld GEMS, in Gurugram.
The company has recorded sales of over Rs 40 billion so far. It has Rs 250 billion worth of projects and over 25 million square feet development potential in the next five years. Vivek Singhal, the chief executive officer of Smartworld Developers, said, “Even though last year was largely affected by the pandemic, our inaugural projects, Smartworld Orchard and Smartworld Gems, have been received exceedingly well by the consumers.”
The company plans to launch two more luxury projects in 2022-23.
"This new funding will further augment our growth story. We are also in advance discussions with various national and international private equity (PE) players to set up a development platform for Smartworld's upcoming projects," Singhal said.
Smartworld plans to expand into key real estate markets such as Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Goa, and Hyderabad in the near future, he said.
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