SoftBank invests additional Rs 100 crore in Housing.com

BENGALURU: Japanese conglomerate SoftBank has invested an additional Rs 100 crore in real estate portal Housing.com.

The investment comes at a time when the startup is scaling up its home buying and selling business with a focus on revenue generation.

“We are now well-capitalized to aggressively execute on our focused strategy and growth plans,” said chief executive Jason Kothari. “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.”

SoftBank, which until now had invested about $70 million in Housing, is the largest shareholder in the company. Details on the latest transaction weren’t immediately available.

Prior to this fundraise, Housing had raised more than $120 million (Rs 760 crore) and was last valued at about Rs 1,500 crore.

“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.

After recent upheavals in Housing’s top management that culminated in the ouster of cofounder Rahul Yadav as CEO, the Mumbai-based company shut some units, reduced its workforce and revamped its core business team to increase focus on profitability.

This week, Housing appointed cofounder Snehil Buxy as its new chief product officer.

Housing competes with Quikr-backed CommonFloor, 99Acres and MagicBricks, which is owned by the publisher of this paper.