Online real estate portal Housing.com has picked up $15 million in a fresh round of funding from Japan’s SoftBank, reports fe Bureau in Bengaluru. The infusion comes more than a year after its $100-million mop-up from investors including Nexus Ventures, Helion Ventures, DST founder Yuri Milner and SoftBank.
Earlier this month, online classifieds player Quikr acquired CommonFloor — a housing portal — in a share swap transaction estimated at $120 million. The deal was ostensibly driven by Tiger Global, an investor in both entities.
Housing.com has been in the news for all the wrong reasons with founder Rahul Yadav getting into a tussle with the company’s board in June last year and subsequently being forced to resign. “The board believed that his behaviour is not befitting of a CEO and is detrimental to the company,” the directors had observed at the time.
Housing.com claims it had 85 million visits in 2015 and 1.7 million verified listings to date. However, net losses in FY15 were R279 crore, a near sixfold increase over the R49 crore in FY14. CommonFloor’s losses in FY15 were R86 crore.
In 2015, Housing.com acquired India Real Estate Forum, HomeBuy360 and Realty Business Intelligence, a leading data analytics and due-diligence firm.
CEO Jason Kothari believes the firm is now well capitalised to be able to execute its growth plan. Research firm Indian Brand Equity Foundation expects India’s real estate market to reach $180 billion by 2020 from $93.8 billion in 2014.
Currently, the online real estate market size in India is estimated to be around Rs 300 crore.