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Japan’s SoftBank has invested 100 crore in Housing.com
SoftBank, the largest investor with about 30 per cent stake in the Mumbai-based start-up, has so far invested about $100 million (650 crore) in the company. With the latest investment, the total amount of funds raised by the company is pegged at $169 million that it has got from investors, including Nexus Ventures, Falcon Edge and Helion Ventures.
The fresh funding from SoftBank comes a few days after its Chairman Masayoshi Son announced at the Start-Up India programme that the firm would invest about $8 billion in ecommerce and tech start-ups over the next five years. SoftBank has so far invested about $2 billion in Indian online companies, which include Ola and Snapdeal. The funding comes at a time when the Mumbai-based portal is facing a funds crunch and the overhang of internal squabbles that led to its founder and CEO Rahul Yadav’s ouster from the company last June.
Housing has since restructured its business and hired Jason Kothari as the new chief executive. Kothari was the co-founder and CEO of Valiant Entertainment, a US-based firm that publishes comic books. With 85 million visits in 2015 and 1.7 million verified listings till date, Housing.com plans to build scalable revenue streams by focussing on buying and selling homes, the largest and most lucrative segment of the real estate market. The company, founded in 2012, started as a search site for home rentals.