Housing. Com raises $90 million

Delhi NCR: Property portal Housing.Com Tuesday said it has raised USD 90 million through private equity infusion from SoftBank Group along with Falcon Edge and other existing investors.

"Housing.Com and SoftBank Internet and Media entered into a definitive agreement under which the SoftBank Group will lead an investment of USD 90 million in the company, along with Falcon Edge and other existing investors," a release issued here said.

The company 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 database into assets for Housing.Com, and can be reactivated when they are again available in the market, the release 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 have put in all our focus into building great products and mapping every single house in the country, on the platform," its co-founder Advitiya Sharma said.

Housing.Com has raised more than USD 121 million in the last two years.

Commenting on the deal, SoftBank Corp vice chairman Nikesh Arora 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 its growth."

Morrison & Foerster and AZB & Partners acted as legal advisor, and the Raine Group acted as financial advisor to SoftBank.

Source: http://zeenews.india.com/business/realestate/latest-news/housing-com-raises-90-million_114317.html