SoftBank has found another Indian E-commerce company to add to its investment portfolio in under one month. After making investments in Ola and Snapdeal, the Japanese Corporation has now led a USD 100 million funding round, by investing USD 70 million in Housing.com and has acquired a 30% stake in the online realty portal, as per the reports.
According to a report by ET citing sources, the real estate startup was being valued at USD 250 million pre-money, and hence would have a much higher valuation now. While Softbank led the investment round, the other investors in this round include Falcon Edge, DST Global and the existing investors including Helion Venture Partners, Nexus Venture Partners and Qualcomm Ventures.
The funds are going to be deployed to grow the business – expand presence, hire talent, build new technology and increase marketing spend. In September there was news of Housing looking to raise USD 30 million from Russian VC Yuri Milner, Founder DST Global, which seems to have been fulfilled now. Although individual contributions by investors other than Softbank hasn’t been disclosed.
Before this Housing.com had raised three rounds of investment viz. USD 19 million led by Helion Ventures, Qualcomm Ventures and Nexus Venture Partners, USD 18 million by Helion Ventures and USD 2.5 million seed funding from Nexus Venture Partners.
Softbank said it has plans of investing $10 billion or Rs 61,000 crore in India in a bid to aggressively expand beyond its home base. The company will plan to invest in India’s IT, communications and e-commerce sectors. India is a fast growing Internet Economy approaching 300 million Internet users in Dec 2014 according the latest IAMAI reports and to be the second-largest Internet market only after China.
Softbank, which plans to repeat its Alibaba like success in India has roughly invested USD 907 million within a month. It can be anticipated who would be the next one to get lucky. Paytm, Urbanladder, or ?
As another furniture portal Urban Ladder, which recently raised funding from Tata Sons’ Chairman Ratan Tata was among the candidates pitching to the Japanese corporation for next stage funding.