Housing.com on Thursday said it that it secured a fresh round of funding of Rs100 crore from Softbank, its largest investor. The capital will be utilised by the company to drive its new strategy and growth plans.
"We are now well-capitalised to aggressively execute on our focused strategy and growth plans and believe 2016 will be a great year for the company,” said Jason Kothari, chief executive officer, Housing.com, in a statement.
Housing.com, which was founded in 2012, has raised nearly $120 million from investors, including SoftBank, Nexus Ventures, Falcon Edge and Helion Ventures. The additional funding from SoftBank comes at a time when the startup is coming out of months of several big changes.
In 2015, the company’s co-founder and chief executive Rahul Yadav was ousted after several public spats. The startup reduced its work force (600 to 800 according to several media reports) and changed its business strategy to focus on profitability.
Housing.com is now focusing on buying and selling homes, the largest and most lucrative segment of the real estate market. It had 85 million visits in 2015 and 1.7 million verified listings to date, the highest in the market, Housing.com claims.
Additionally, Housing.com will focus on leveraging the capabilities of firms that it acquired to enhance its growth plans. Last year, the startup acquired the largest online community for real estate (India Real Estate Forum), a cloud-based sales lifecycle management platform HomeBuy360, and a leading data analytics and due diligence firm for real estate, Realty Business Intelligence.
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