Favista Strongly Denies Acquisition by IndiaHomes

GURGAON, India, December 4, 2014 /PRNewswire/ --

In response to a news article published by the Economic Times on 2 December 2014, the Directors of Favista confirm that the company has not being acquired by IndiaHomes and that no offer has been received. 

In a hectic investment environment, Favista remains in discussion with a number of potential investors and partners, however the valuation mentioned in the Economic Times is an order of a magnitude lower than Favista's market value, particularly in light of recent Alexa traffic rank data that shows Favista outperforming IndiaHomes until as recently as October 2014. 

About Favista:

Favista  is a technology-enabled real estate brokerage with branches in Gurgaon, Noida and Navi Mumbai. It has been operational since 2012 and has completed real estate transactions with over 120 real estate developers across 250+ residential projects. 

Favista's websites receive over 500,000 visitors/month resulting in more than 15,000 inbound queries from home buyers each month, with a coverage of over 40,000 projects across the country. The company has been contacted by over 300,000 home buyers till date. 

Favista has built a full voice-integrated mobile CRM platform for real estate brokers and is looking to soon launch it across a franchisee network.

Favista has been founded by a team consisting of Manish Sinha (IITD, IIMC, McKinsey), Anupam Sinha (IIFT, PartyGaming) and Vishal Bhargava (IITB, INSEAD, SSG Capital). 

Favista received Series A investment from Veddis Advisors in 2012. Other venture backed Indian players in the professional brokerage space include Proptiger and IndiaHomes. In the real estate classified space prominent players are Housing.com, Commonfloor, 99acres, Magicbricks, Makaan and IndiaProperty. This sector has seen significant investment from Softbank, Helion, Nexus, Falcon Edge Capital, NEA, Tiger Global, News Corp, Qualcomm amongst others.

Media Contact: Nitin Chanan, [email protected], +91-9818672332, Favista Real Estate Pvt Ltd