India's Housing.com Rasies $90 Million From Japan's SoftBank

The company will use the capital to expand its service to over 300 cities in India, up from the current 45

 

Locon Solutions, the company behind Indian property portal Housing.com, has raised $90 million from Japanese telecom giant SoftBank in the latest round of fund raising. There was also participation from Falcon Edge and other undisclosed investors, as the country's online retail space begins to heat up.

Including the latest round, Housing.com has managed to raise $121 million in investor money over the past two years, with SoftBank now being its largest shareholder. The news of further funding raised by Housing.com comes soon after rival property portal PropTiger rasied $30 million from U.S. media giant News Corp.

Housing.com claims that over 350,000 properties and 15,000 new developments from across 45 cities in India listed on its service. The company now plans to use the capital to expand that to over 4 million property listings across 300 cities in the country.

The biggest driver of growth will be a significant addition of staff, up from the current 1,500, most of whom whom will become part of the in-house data collection team. Their job will be to collect information and photos of every property listed on the site.

The company also used the occasion to announce the launch of an On/Off button, that will help landlords un-list or re-list properties easily. The other major focus will be on its Slice View new developments booking service, which saw great success with an initial clutch of exclusive sale projects.


TAGS: Housing.com, SoftBank