Real estate classifieds portal #housing.com has raised Rs 115 cr in a round of investment led by Helion Venture partners & Qualcomm Ventures. Existing investor Nexus Venture Partners also participated in the round.
Housing raised the money over a three month period. Founded by 12 graduates from IIT Bombay, the startup has raised Rs 138 cr in all.
Nexus Venture Partners invested $7 mn, Helion added $8 mn to the round and finally Qualcomm Ventures topped it up with $4 mn to close the round.
Advitiya Sharma, one of the co-founders told me that the idea is to map one crore houses over the next 2 years. “3-4 months ago, we were mapping 200 houses a day. Now we are at 2000 a day. With the funding, we are going to do 12000 houses a day,” Sharma said.
Currently, Housing has about 80-85k houses in Mumbai and 50-60k houses in Bangalore. The startup has grown rapidly and employs 950 people now. It is now present in 25 cities including over a dozen tier 2 cities.
“We will map the remaining 30-40 important cities over the next few quarters,” said Sharma.
The company had raised an undisclosed Angel Round from a group of angel investors led by Zishaan Hayath, the co-founder of Toppr. The second round of funding came from former Network 18 CEO Haresh Chawla. Nexus invested $2.5 mn in the company in June 2013.
Companies like Commonfloor and IndiaHomes have also raised venture funding recently. Commonfloor raised Rs 64 crores in a fresh round of funding from existing investors Accel India and Tiger Global in January 2014. IndiaHomes raised Rs 150 cr from New Enterprise Associates and existing investors Helion and Foundation Capital.
Why Housing will kill it
Housing’s approach is fundamentally different from what others in the market are doing. The startup treats the data it collects as reusable assets. It spends a good lot of effort in collecting nearly 100 data points about a particular property. The next time the owner wants to let out a house, all he has to do is to push a button to have the most accurate posting online.
It gets rid of all the information asymmetry and crappy user generated content. It also creates a sort of permanent relationship with the owner, who won’t really bother listing on other sites progressively. Really, housing’s secret sauce is the data it collects and owns.
Here’s Housing’s startup journey.