SofBank infuses another Rs 100 crore in troubled real estate portal Housing

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BENGALURU: Online real estate portal Housing has raised Rs 100 crore from its existing investor Japan’s SoftBank Corp as it struggles to stay afloat. The development comes at a time when the company has been restructuring its operations in a bid to focus on its core business — home buying and selling.
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The Mumbai-based startup which rose to prominence after raising several rounds of financing has been scaling down all its verticals including listings and rentals. SoftBank is the largest shareholder in Housing.
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Founded by twelve IIT-Bombay graduates in 2012, Housing has been in talks for a complete acquisition after its founder-CEO Rahul Yadav was ousted from the company last year.
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“We are now well-capitalized to aggressively execute on our focused strategy and growth plans. SoftBank’s continued support as both investors and advisors to Housing.com is invaluable to us and signifies their long-term commitment to the company,” said Jason Kothari, CEO, Housing.com.
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Prior to this round, SoftBank had led a $90 million round in the company in 2014, with participation from its other investors Nexus Venture Partners, Helion Venture Partners, Falcon Edge among others. At the time Housing was valued at $250 million.
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Housing competes with 99 acres, Magicbricks, owned by Times Internet, is a part of Times group which publishes this paper, and the general classified players like Quikr, which acquired CommonFloor recently.
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After the management turbulence and exit of former Yadav, Housing’s investors had asked the company to arrest cash burn and focus on core areas rather than expanding across segments without caution. Over the last quarter, Housing, has shut business segments such as commercial properties, short stays and land business.
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Post Kothari’s appointment, Housing has undergone a major management re-shuffle with the likes of Mani Rangarajan, CFO, Nikhil Rungta CMO coming on board. The company also recently announced the appointment of co-founder Snehil Buxy as its new chief product officer.
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“Housing is building scalable revenue streams around its world-class product, market-leading demand and supply, and is also going deeper in the value chain towards facilitating and fulfilling transactions,” the company said in a statement.

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