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SoftBank leads $90 mn funding in Housing.com
MUMBAI: Japan’s SoftBank Corp has led a $90 million investment in the realty portal Housing.com.
With this round of funding, the SoftBank Group will become the largest investor in Housing.com. The e-commerce company has now raised over $121 million in two years.
Earlier, in November this year, SoftBank led a funding round of $100 million in the realty portal and picked up a 30 per cent stake, valued at around Rs 432 crore (Rs 4.32 million).
SoftBank Corp vice-chairman Nikesh Arora stated, “We are big believers in India’s digital future and its potential to improve peoples’ lives. The Housing.com team has a great vision and deep insight into what it takes to build great products, and transform the way people research and transact in real estate. We look forward to working with and supporting Housing.com’s growth.”
Housing.com co-founder Advitiya Sharma said, “Ever since we started the company we had a huge vision, to help millions of people struggling to find real estate that meets their requirements perfectly. We’ve put in all our focus into building great products and mapping every single house in the country, on the platform. In our journey we have been fortunate to have found great partners in our investors, and the whole team is excited to work with SoftBank and achieve this vision together.”
Housing.com will reportedly use the funds to map over 40 million houses across 300 cities in India and provide on-off buttons to home owners and agents, which will convert all the curated houses database into assets for Housing.com, and can be reactivated when they are available in the market again.