Bangalore: Softbank backed popular online real estate platform, Housing.com acquires online property discussion site Indian Real estate Forum (IREF) for about $1.2 million (Rs.8 Crore) to provide quality and helpful content to buyers.
Mumbai based real estate startup Housing.com started last year by 12 IIT Alumni had recently raised $90 million from Japan based Softbank in partaking Falcon Edge Capital. The company aims to acquire Gurgaon based P.E real estate Analytics Pvt. Ltd, PropEquity which owns a real estate data product and enables market trends, PE investors, financial service professionals and developers for a price of Rs.80 Crore; the deal is anticipated to close in the impending weeks.
The company is also planning to raise another round of $500 million funding from its existing investor Softbank which is likely to close soon. Prior to this, the company has raised Rs.115 Crore funding from Qualcomm Ventures, Nexus Venture Partners and Helion Venture partners and also engrossed two rounds of angel funding.
The Indian Real Estate Forum was founded by Rahul Dutt in 2012. This forum acts as a collective networking platform which offers transparent real estate information, experiences and dealings, including new projects, brokers, localities, developers, plots and market trends. It has a base of about 1.5 Lakh active users. As per the provisos, Ravish Naresh, Co-Founder of Housing.com will be in charge of the IREF which will function as an independent entity.
By raising the heavy funds from diverse ventures, Housing.com is strengthening the position in the Indian realty market, which is probable to reach $180 billion by the end of 2020. Through this procure, the company is setting up to introduce “Ask me anything” (AMA) forum on IREF to deal with the users’ queries and doubts allied to builders, brokers and real estate projects. This insight will be used to grab more users to Housing’s platform.
Last year, the company partnered with Tata Value Homes to sell its homes. In addition, it introduced a new feature Slice View to offer an interactive exploration of a realty project for home buyers before booking.