VC Fund Investments
HDFC Capital to up stake in proptech co Reloy by 2.4% to 9.6 %
HDFC Capital Advisors will increase its stake in Kolkata-headquartered proptech startup Reloy (formerly Loyalie IT Solutions) to 9.6% from the current 7.2%. HDFC Capital will acquire 1.67 lakh compulsory convertible preference shares (CCPS), which, post-allotment, will be equal to additional 1.8 % to 2.4% stake in Reloy. The preference shares would be acquired at INR 89.81 per equity share, taking the transaction value to INR 1.49 crore. In March last year, HDFC Capital had acquired a 7.2 % stake in Reloy for INR 1.1 crore. Reloy has been working closely with real estate developers on their customer loyalty programmes. Its reported a turnover of INR 11.45 crore in the 11 months till February 2023 from INR 4.33 crore in the full previous year. In January 2021, Reloy had raised INR 5 crore from investors in a pre-Series-A round, led by Inflection Point Ventures, Fawkes Fund, the family office of Greenpanel & Greenlam, and over 50 angels.
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