Mumbai-based proptech, Homexchange achieved 22% growth in FY24 reaching Rs 2.65 crore from Rs 2.17 in FY23.
Founded in 2020 by Jesal Sanghvi and Shirish Godbole, Homexchange facilitates property upgrades by allowing users to exchange their existing homes for new properties from partnered developers.
Homexchange has raised a total of Rs 31.95 crore in funding over 1 round, The latest funding was raised in July 2022 from a series A round led by Oberoi Realty. The valuation of the company currently stands at Rs 40 crore.
Competing with Landeed and Settlin, The majority shares of Homexhange are held by Oberoi Realty Ltd at over 30%. Co-founder Sirish Godbole and Anarock Property Consultants maintain an equal share in the company at over 10%.
Homexchange recorded a decline in expenses, reaching Rs 8.47 crore in FY24 from above Rs 9 crore in FY23. Employee benefits accounted for more than 50% of the total expenses, Followed by advertisements and legal and professional charges.
With the rise in revenue, the company trimmed its losses from around Rs 7 crore in FY23 to Rs 5.81 crore in FY24.
Homexchange’s current EBITDA margin improved to -190.81% while the ROCE slipped to -46.75%.