Locon Solutions Pvt Ltd, owner of Mumbai based real estate portal Housing.com, has raised Rs.115 Crore (US$19 Million) from Helion Ventures, Qualcomm Ventures and Nexus Venture Partners, all leading technology focused venture firms.
Housing, is a damp-based home search property portal which, was set up in 2012 by Rahul Yadav and his batch mates from IIT Bombay and currently has over 1,500 employees including 100+ IIT graduates as part of their fast growing team. The company has said that the capital will be used towards building the company’s inventory in New Projects, Plot Projects and further strengthening its Data Science capabilities. Over the next couple of years, Housing.com has declared it plans to map 10 million houses on their website.
Advitiya Sharma, co-founder of Housing.com has said that the company's goal has always been to build a service that is loved and trusted by hundreds of millions of people, and that the additional funding reaffirms the company's growth story, by leveraging the funding to increase its investment in new projects and the backbone technology.
“As investors, our goal is to support brilliant founders pursuing audacious ideas. The partnership with Housing.com is a key milestone in this context. We find Housing.com to be an exceptionally well run company,” said Nexus Venture Partners.
In just two years, Housing.com has mapped over 80,000 houses in Mumbai, and over 50,000 houses in Bangalore, constituting more than five percent of the total houses in both cities, respectively. The property portal has now launched in Tier II cities: Ahmedabad, Jaipur, Indore, Nagpur, Trivandrum, Kochi, Nashik, Vadodara, Surat, Vijaywada, Mangalore, and Chandigarh.
CreedCap Asia Advisors is a Bangalore based boutique investment banking firm, founded in 2011, that provides start-ups and small and medium enterprises with financial advisory services such as Capital Syndication, Business Restructuring and Strategic Advisory with a focus on Healthcare, Consumer Services, Food & Beverage, Information Technology and Industrial related businesses.
SOURCE: CreedCap Asia Advisors
Edited by Gordana Davila