Mumbai, India, December 16, 2014: Housing.com and SoftBank Internet and Media, Inc. (“SIMI”) today announced a definitive agreement under which the SoftBank Group will lead an investment of $90 million in Housing.com, along with Falcon Edge and other existing investors. Housing.com has now raised more than $ 121 million in just 2 years.
Housing.com will use the funds to map over 40 million houses across 300 cities in India and provide On-Off buttons to home owners and agents. These On-Off buttons will convert all the curated houses database into assets for Housing.com, and can be reactivated when they’re again available in the market!
Advitiya Sharma, Co-Founder of Housing.com 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, and the whole team is excited to work with SoftBank and achieve this vision together.”
Nikesh Arora, Vice Chairman of SoftBank Corp. and CEO of SIMI said, “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.”
Recently Housing.com launched “Slice View”, the world’s first interactive home booking platform, in a campaign encompassing four projects across three cities. In just five days, the Slice ViewTM technology exclusively marketed more than half of the inventory and generated over 50 Cr of Gross Merchandise Value through the Slice View platform. Given the unprecedented success of the campaign, Housing.com has received numerous inbound requests from various developers for similar campaigns.
Morrison & Foerster LLP and AZB & Partners acted as legal advisor, and the Raine Group LLC acted as financial advisor to SoftBank. Krishnamurthy and Company acted as legal advisor, and Avendus Capital Pvt. Ltd. acted as financial advisor to Housing.com.