Housing.com, India’s leading realty portal is reportedly in talks to sell its stakes to Snapdeal and News Corp. Citing people aware of this development, ET reported that Housing decided to sell stakes to recover from a year of turmoil which has hurt its standing in the online real estate market.
Right now, the talks is in early stage and could result in a deal by the second quarter of 2016. There are multiple events responsible for the company’s downfall, from SoftBank’s funding in 2014 to firing of Rahul Yadav from CEO of Housing in July 2015.
Till now, Housing.com has received a total funding of $139.5 million, including the $90 million funding from SoftBank in December 2014 and the latest round of $35 million from SoftBank. Housing also received funding from Helion Venture Partners, Nexus Venture Partners and Qualcomm Ventures.
Started by a group of college-mates from IIT-Bombay in 2012, Housing is competing with other players in the online real estate domain like PropTiger, CommonFloor, 99Acres and Magic-Bricks. Most of them are enjoying backing of renowned investors.
In November 2014, News Corp acquired 25 percent stake in PropTiger for $30 million. However, PropTiger claims itself to be a different player in the market because it offer customers an end-to-end services, from house discovery to final purchase, including arranging site visits, assisting with home loans and property registrations.
In August 2015, Housing.com announced that it has reached a new milestone with one million verified property listings in the Rent and Resale sections since its inception.