India's Economic Times is reporting that housing.com is seeking to raise USD 40 million.
According to the Economic Times, Housing.com is in talks with several investors, including hedge fund Falcon Edge Capital and Nirvana Venture Advisors, as part of a round of fund raising that opened with Russian billionaire Yuri Milner making a personal investment in the Mumbai-based firm.
This round, if successful, could see investors — both existing and new — put in up to $40 million in the two-year-old company. The deal, which is expected to close in January, could value housing.com at $100 million, according to two people with direct knowledge of the negotiations. Falcon Edge and Nirvana Ventures did reply to email queries on the development.
"The funds will be used for new product launches, expansion, building technology hiring talent, and increasing marketing initiatives," said a person directly familiar with the ongoing talks. Housing.com's co-founder Advitiya Sharma declined to comment.
Founded by 12 IIT-Bombay graduates in June 2012, housing.com has so far raised about Rs 138 crore in four rounds of funding from investors such as Helion Venture Partners, Nexus Venture Partners and Qualcomm Ventures.
Interestingly when compared with other players in the Indian market, housing.com is either in 5th place based on visits (a poor measure) or 4th place based on total time on site.
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