Japan's Softbank to lead $90 mn investment in startup Housing.com

Online property listing company Housing.com has got a major fillip with another round of funding, this time from Japan's SoftBank.

Housing.com and SoftBank Internet and Media Inc. have entered intoa 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. With the latest round, the total fund raised by the 2-year-oldIndian start-uphas hit$121 million. This is the fifth round of funding for the company.

The companywill 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 are again available in the market.

This is in keeping with the vision of the company which is to "help millions of people struggling to find Real Estate that meets their requirements perfectly," said Advitiya Sharma, Co-Founderof Housing.com."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," he said, in a press release.

Recently Housing.com launched Slice View, an interactive home booking platform, encompassing four projects across three cities. In just five days, the Slice View technology exclusively marketed more than half of the inventory and generated over Rs 50 crore of Gross Merchandise Value.

Morrison & Foerster LLP and AZB & Partners acted as legal advisors, and the Raine Group LLC acted as a financial advisor to SoftBank. Krishnamurthy and Company acted as legal advisor, and Avendus Capital Pvt. Ltd. acted as financial advisor to Housing.com.

Housing.com, founded in 2012 by a group of IITians, has revolutionised the online real estate industry in India by leveraging its industry leading technology and product focus to provide consumers with a different experience during their property search.

Housing.com is a disruptor of the online real estate industry through its verified listings guarantee, providing HD photos and 100+ data points on all properties mapped on the platform. It nowoperates in over 45 cities, with over 350,000 verified listings and more than 15,000 New Projects, the highest in the market.

Updated Date: Dec 17, 2014 08:30:33 IST