India's two-year-old real estate portal Housing.com has raised $90 million (Rs.574 crore apprx.), combined from Japan's Softbank and existing investors like Nexus Venture, Helion Venture as well as the venture capital arm of telecom company Qualcomm participated in this round along with new investors such as Falcon Edge and Russian billionaire Yuri Milner's DST Global.
As predicted in our report earlier this month Japan's Softbank share in Housing.com's this round of funding is $70 million for a 30% stake in the startup.
"The Housing.com team has a deep insight into what it takes to build great products, and transform the way people research and transact in real estate," Nikesh Arora, vice-chairman at SoftBank Corporation, said in a statement.
The Mumbai-based real estate portal is expected to use the funds to map over 40 million houses across 300 cities in India. It will also allow users to list properties online at the touch of a button, a technology solution that Advitiya Sharma, co-founder of Housing.com, claims is "new to the real estate industry, (both) online and offline".
Housing.com has raised a total of over $121 million since its inception and the startup is now valued at about $250 million.
Earlier in June this year Housing.com has raised $2.5 Million funding from Nexus Venture of which almost $1 million was used to buy the Housing.com domain name.
So far, SoftBank has invested $627 million (Rs 3,800 crore) in Snapdeal last month and $210 million in online cab booking service Ola, the latest deal makes it the single-largest investor in Indian startups. Softbank's ace executives in their last visit, in an official announcement, had already announced that SoftBank aims to invest $10 billion in India.
Advertisements