ANAROCK to raise Rs 750 cr for buying proptech startups, biz expansion

Housing brokerage company ANAROCK Property Consultants is planning to raise about $100 million as equity to take over proptech startups and develop its business. Mumbai-based ANAROCK, which is one of the prominent property consultants in the nation, had recorded an 18% increase in its income at about Rs 305 crore during the 2020-21 financial year despite the pandemic. The firm is targeting to boost its turnover to about Rs 400-450 crore this fiscal. ANAROCK Chairman Anuj Puri told the media that they are planning to raise about $100 million as equity. There are several opportunities in the market for the procurement of proptech companies. They want to procure some of those firms, which fit their growth plans. The firm has begun preliminary discussions with potential investors, he said, adding that it would take at least six months for the completion of fundraising. Puri made ANAROCK in April 2017 after serving as chairman and country head for 10 years in a global property consultancy company. In January 2021, ANAROCK procured society and apartment management platform ApnaComplex from Bengaluru-based NestAway Technologies for approximately Rs 100 crore. Recently, ANAROCK sold residential properties worth Rs 8,084 crore on behalf of developers during the April-September period this fiscal, surged by 82% year-on-year, on a return of demand, especially in Mumbai Metropolitan Region (MMR). It had sold properties amounting to Rs 4,446 crore in the April-September period in FY21. The firm sold approximately 9,000 units during the first half of this financial year. The average ticket size of units sold was at Rs 90 lakh across the 13 cities of work. The MMR only contributed almost Rs 5,000 crore of sales value within the first half of this fiscal year, followed by Delhi-NCR estimating Rs 832 crore sales and Bengaluru at Rs 657 crore. Image Source