Housing.com secures another $5 mn funding from Japanese telecom and internet corporation Softbank, according to three people aware of the investment. Softbank is a leading investor in variety of Indian tech startups including Snapdeal, Ola, Grofers and Oyo Rooms.
The company has invested $15 million in Housing in January this year. The funding comes across surprisingly when Housing is in the buzz. The buzz is of a possible merge with one of it’s leading competitor.
Jason Kothari, CEO at Housing, says “Softbank continues to be very happy with how Housing has turned around, and will continue to fund us as is necessary. We are considering combining forces with an offline real estate brokerage company to become the only online-to-offline real estate company that can uniquely offer full-service to customers and developers, and instantly become the market leader.”
The startup faced several difficulties in it’s 4 year long run and had to scale down its operations and trim down its workforce to be in the markets. A total of $20 mn investments from Softbank appears to be a backup to keep the company run it’s operations.
Housing has held discussions with real estate consulting firm JLL and housing financier HDFC Red, among others, to explore options. HDFC Red, which was floated as a lead generator for the lender’s mortgage business and later evolved as a standalone property, is also said to be eyeing Housing.
“We are fortunate to have merger proposals from almost every company in the space, as the business has turned around and is performing very well.” added Kothari.
The $5 mn funding may be a result of Softbank’s chairman and Managing director, Masayoshi Son’s upcoming two-day visit to India. He is likely to visit the country in the first week of coming December.
Source – Techcircle