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Agni Property Raises USD 12 mn Via Minority Stake Sale

Comments Off on Agni Property Raises USD 12 mn Via Minority Stake Sale   |   November 12, 2010    12:44pm   |Contributed by Indian Realty News

Real estate brokerage firm Agni Property today said it has raised USD 12 million (around Rs 53 crore) by selling minority stake to venture capital firms Foundation Capital and Helion. US-based Foundation Capital and domestic firm Helion have invested USD 6 million each in the company, Agni Property Managing Director Samarjit Singh told reporters here.

He, however, declined to divulge the stake it has sold to the two firms. “This is the first time that private equity investment has happened in real estate service sector. The funds will be utilised for our expansion plan,” Singh said, adding that the company will set up offices in three more cities — Chennai, Pune and Hyderabad — in India, and one in UK. Agni Property has nine offices in six cities and caters mainly to individual customers in primary property market. It is expecting to touch Rs 100 crore revenue in the 2011-12 fiscal.

Singh said the company plans to set up 30 offices in 20 cities and generate a revenue of Rs 500 crore by 2015. However, he did not share the current revenues of the company. The officials of both Helion and Foundation Capital said they have made an investment in Agni because its an emerging player growing at a fast rate. “We are happy to partner Agni Property which is well poised to capture a significant share of the Indian organised realty transactional services space over the next five years,” Foundation Capital’s Venture Partner Ashu Garg said.

News Published Under:   Bangalore, Chennai, Delhi, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Real Estate Developers, Real Estate India | Comments Off on Agni Property Raises USD 12 mn Via Minority Stake Sale