HeyPillow, an online real estate marketplace, has raised $3 million in Series A funding from Hampton Capital. HeyPillow was co-founded in 2014 by Stan Dong, formerly a research scientist at Stanford University in California.
HeyPillow is focused to empower consumers with data, knowledge, analytics, estimations & sense of direction. The company gives home buyers, sellers and renters the tools they need in the home search process. It serves the full lifecycle of owning and living in a home. Besides standard realty transactions, it also serves as a marketplace for home loans and mortgages.
Currently, it offers its services in Bangalore, Pune, Mumbai and Delhi-NCR. It is also trying to expand in the Asia Pacific and Middle-east region. Their app is available on Google Play with an iOS app on the way.
The San Francisco based founder said that India was his first choice, as the country’s real estate market is set to grow by 30% reaching $180 billion by 2020.
The newly launched platform names 99 acres, MagicBricks, and Housing.com as its competition. Recently Housing.com got a funding of $100 million from Japan’s Softbank taking its raised funding to $139.5 million.
The company is entering into a viable yet competitive space. The companies it is competing with are well funded firms with already an established foothold in the market. Several other new startups in the same domain are trying to experiment with technology and product offerings to create a differentiator. Consolidation in this space is yet to start. Commonfloor, which itself has acquired a few startups like Flat.to, Bakfy etc. is rumoured to be in discussion for a potential buyout to Quikr. As the space gets more players, the investor and consumer sentiments will decide who will survive.