All those efforts to make Housing a revenue generating company are looking to bear fruit. Housing.com has announced that it is on track to touch $10 million in revenues this fiscal. The turn in fortunes is apparently the result of its new models of revenues based on advertising products.
Housing.com is receiving an overwhelming response to the products it launched in January with revenue growing 200% month-on-month and the company on track to achieve $10 million in revenue this fiscal year,
the company said in a statement.
Housing went through an immense internal turmoil within the company, thanks to the antics of its Founder Rahul Yadav and his subsequent exit along with most other co-founders.
The company management was completely overhauled with Jason Kothari coming on board as CEO last year who restructured the business through massive layoffs and renewed focus on new business segments.
The company entered into the business of selling and buying real estate in November last year, shutting down its listing platform. In January this year, it began offering new digital advertising products to help real estate developers and brokers achieve better visibility of their homes and hence ROI on its platform.
It also offers customized digital marketing services to large developers to increase sales and improve their brand equity.
As a result of these new efforts, the company is looking to revive itself and grow into a profitable venture. In a statement, CEO Jason Kothari said,
We are delighted with the response we are seeing in the market and are confident about the company’s revenue position in the future. To achieve such a strong performance when the real estate sector is going through tough times is a testament to the value that Housing.com as a company and platform is delivering to stakeholders.
Housing currently boasts of 11000 developers and 18000 active brokers on its platform among which a large number remains to be monetized. It is also looking at other revenue models such as an online-to-offline model where it would assist users to complete a transaction through its own agents.
The company expects to raise a fresh round of funding towards the end of this year and is also looking for partnerships and acquisitions for growth.