Norwest backs realty services firm SILA

SILA, a real estate service firm to enterprises and small and medium businesses, said on Thursday it has raised ₹56 crore from Norwest Venture Partners.

The company provides project advisory, interior design, and facility management services.

It operates in more than 75 cities and has 30 million sq. ft of assets in sectors such as manufacturing, retail, hospitality, financial services, and commercial and residential real estate.

Founded in 2010 by Sahil Vora and Rushabh Vora, it works with clients to reduce operating costs and increase asset productivity. SILA Connect, an in-house software, also provides various modules to help optimize workflows on the front end and back end.

“SILA has built strong leadership and very positive client recall in the industry. Through the use of technology and SOPs (standard operating procedures), SILA is executing with a differentiated approach to capture the very large services market opportunity in India,” said Shiv Chaudhary, managing director, Norwest Venture Partners.

SILA, which has more than 6,000 employees, counts Hard Rock Cafe, drugmaker Cipla, Trident Hotels and Polycab Wires and Cables among its clients.

“Over the years, we have built a strong team, operational backbone and client goodwill in a capital-efficient manner. With the right building blocks in place, we are confident in using institutional equity to efficiently scale our business,” said Rushabh Vora, co-founder & chief executive, SILA.

The deal is an expansion of Norwest’s interest in business-to-business firms, including in the software space.

Its B2B investments include Zenoti, which provides software to spas and salons, Manthan, which helps with big data analytics for businesses, and CRMNEXT, a digital customer relationship management platform.

Palo Alto, California-based venture capital and growth equity investment firm Norwest has more than $7.5 billion in assets under management globally.

In India, it is a growth stage investor in technology as well as traditional businesses with portfolio companies including Five Star Finance, Veritas Finance, food delivery startup Swiggy and online furniture retail platform Pepperfry.