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Housing.com has called off negotiations to acquire online subscription-based real estate data and analytics platform PropEquity.
The deal has been called off on the advice of Housing’s largest investor SoftBank Group. At least two sources confirmed that Housing had placed an ₹80-crore bid. But the Japanese telecom and media group that had led a $90-million investment in the house-hunting portal in December 2014, felt that the deal should be concluded for about ₹20-30 crore.
“Housing has decided not to pursue with the bid, while they will continue to scout for other opportunities in this space,” one of the sources told BusinessLine.
Rival commonfloor.com, which had placed a ₹40 crore bid, is still in the race to acquire the firm. Housing.com did not respond to queries sent via email. PropEquity and Commonfloor could not be reached for comments.
Acquisition strategyPropEquity, which provides data on more than 40 cities in India, is owned by New Delhi-based PE Analytics.
Housing.com has been looking to acquire companies in the data and research space to strengthen its services and PropEquity would have been a strategic fit.
Apart from PropEquity, the company was also in talks with other firms in the real estate data and analytics space, including Delhi-based Business Intelligence.
Housing is flush with funds, following a series of investments from private equity firms. It raised about $90 million (₹567 crore) in December.
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