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Japan-based investment firm SoftBank has pumped in an additional ₹100 crore ($15 million) in online property listing start-up Housing.com.
SoftBank, the largest investor with about 30 per cent stake in the Mumbai-based start-up, has so far invested about $100 million (₹650 crore) in the company. With the latest investment, the total amount of funds raised by the company is pegged at $169 million that it has got from investors, including Nexus Ventures, Falcon Edge and Helion Ventures.
The fresh funding from SoftBank comes a few days after its Chairman Masayoshi Son announced at the Start-Up India programme that the firm would invest about $8 billion in ecommerce and tech start-ups over the next five years. SoftBank has so far invested about $2 billion in Indian online companies, which include Ola and Snapdeal.
Jonathan Bullock, SoftBank representative on Housing’s board, said: “We continue to remain excited by Housing’s prospects and we know that this infusion will help Housing get to the next level and further consolidate its presence in the Indian real estate market.”
The funding comes at a time when the Mumbai-based portal is facing a funds crunch and the overhang of internal squabbles that led to its founder and CEO Rahul Yadav’s ouster from the company last June. Housing has since restructured its business and hired Jason Kothari as the new chief executive. Kothari was the co-founder and CEO of Valiant Entertainment, a US-based firm that publishes comic books.
“The new ₹100-crore infusion will well-capitalise the company to drive its new strategy and growth plans. SoftBank is one of the world’s largest and most successful investors. Their continued support as both investors and advisors to Housing.com is invaluable to us and signifies their long-term commitment to the company,” Housing.com CEO Jason Kothari said in a statement.
With 85 million visits in 2015 and 1.7 million verified listings till date, Housing.com plans to build scalable revenue streams by focussing on buying and selling homes, the largest and most lucrative segment of the real estate market. The company, founded in 2012, started as a search site for home rentals.
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