Helion Venture, Foundation Capital to invest US$12 mn in Agni Property
The investment would be directed towards establishing Agni’s leadership and expertise in redefining the property services and scale up its operations and future expansions to three more cities by 4th quarter of 2010-11.
Agni Property, India's first and only professional property services company, with a pan India presence has announced securing of funding of US$12 mn from Helion Venture Partners and Foundation Capital making them the first professional broking company to achieve this distinction.
The investment would be directed towards establishing Agni’s leadership and expertise in redefining the property services and scale up its operations and future expansions to three more cities by 4th quarter of 2010-11. As a result of this investment, Ashu Garg, Venture Partner, Foundation Capital and Sanjeev Aggarwal, Managing Director, Helion Venture Partners will join the board of Agni Property
Speaking on the occasion Samarjit Singh, Managing Director, Agni Property said “Raising additional capital at this stage of rapid growth will further enhance our commitment and help us expand our presence to new markets in India. Agni Property has always partnered with the best in class, such as now with Helion VC and Foundation Capital, blue chip private equity investors. Agni believes in service excellence and financial strength and this partnership would therefore, accelerate our growth plans in the professional property broking business to emerge as leaders in this space. We welcome Helion VC and Foundation Capital to the Agni Property family."
Sanjeev Aggarwal, Managing Director, Helion Venture Partners said “Agni Property is a clear leader in the organized realty transactional services space and we are proud to be associated with them.” He further added “Agni Property stands apart in a highly unorganized sector due to its intensive experience in the real estate business, a strong and well established national presence, a passionate management team and its ability to continually innovate and offer specialized services to its customers”
Ashu Garg, Venture Partner, Foundation Capital said “We are happy to partner Agni Property which is well poised to capture a significant share of the Indian organized realty transactional services space over the next five years. Their management team has built a stellar track record in a challenging environment and delivered tremendous value to both developers and customers."
The real estate market in India has traditionally been dominated by the unorganized sector, largely unregulated and represented by sole proprietorship firms managed by unaccountable and often inscrutable property agents. Agni Property has revolutionized the business of property services by ushering in an era of professionalism, excellence, integrity and trust.
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