The company, founded in 2009 is expanding its operations to 50 new cities, says its website. Earlier, it had raised Rs 120 cr from Helion Venture Capital and Foundation Capital.
The company’s founder & managing director said
We have decided to expand our operations to 50 major towns in India. We have raised Rs 150 crore private equity led by NEA. Our existing partners Helion Venture and Foundation Capital have also invested. (via)
NEA’s Bala Deshpande will join the company’s board.
From the website, it doesn’t look like a great online play. But the housing and property market is really a lot about offline.
Housing & Property on Fire
The online classifieds market is being shaken up by new comers like Housing, that have raised multiple rounds of funding (a new round of funding is yet to be disclosed). Another competitor in the space, Commonfloor, raised Rs 64 cr in funding in January.
Online players haven’t really been able to impact the offline business, which is largely controlled by brokers and reality firms with existing relationships. A few of them who sold on the promise of cutting out the middle man, turned became middlemen themselves, or gave in to the brokers who have a firm presence on the ground.
However, there are many positive trends that are working together to make this offline to online shift really happen. Internet penetration, growing e-commerce and a burgeoning middle class are some.
Perhaps a strong offline-online play is the way forward in this business. What do you think?