Housing.com Raises $70 million From SoftBank – Business Line – 20-Nov-2014
November 20, 2014 - Uncategorized
Online real estate portal Housing.com has raised a fresh round of $70 million (₹430 crore) from Japanese investor SoftBank, sources in the company confirmed.
Housing.com, started by a few IITians in Mumbai in 2012, had raised ₹115 crore in funding from Helion Venture Partners, Quancomm Ventures and Nexus Venture Partners in June this year. In all the company has raised over ₹670 crore, including the latest round. The funding comes in as the portal charts an aggressive plan to become the country’s largest player in the housing portal segment. Other players in the segment are commonfloor, indiaproperty, grabhouse, magicbricks and 99acres.
Adwitiya Sharma, co-founder of Housing.com, in an earlier interaction with BusinessLine had said the aim was to invest heavily in technology to facilitate and make it easy for users to search property online. He had also said the company is in process of creating a platform that will help seekers transact or buy property online by swiping cards.
The company had recently launched a feature called ‘Rental Agreement’ for its Bangalore users. The feature will be soon be made available in other cities as well.
Housing’s ‘Rental Agreement’ product helps people create and customise an agreement from wherever they are. Housing.com pays stamp duty on the behalf of tenants and landlords, and delivers the e-stamped rental agreement at their doorstep within just 48 hours. The platform also has an e-stamp calculator that ensures users pay the correct stamp-duty.
Besides, it has launched ‘Housing Home Loans’ category, first such initiative available on an online property platform. It has already partnered with 6 of the top financial institutions – CitiBank, L&T Finance, Axis Bank, DHFL, PNB Housing Finance and Bajaj Finserv.
Touted as the country’s first map-based housing search portal, Housing has been one of the fastest growing start-ups with presence in over 25 cities across the country.
It has already mapped over 80,000 houses in Mumbai and 50,000 in Bangalore, with a presence in 25 cities across the country including Pune, Jaipur, Nagpur, Ghaziabad, Surat, Chennai and Delhi among others.