Housing.com, the rather famous online real-estate platform. has announced that the company has picked up 100 percent stake of cloud-based online real estate CRM firm – HomeBuy360 which connects developers, agents and buyers, for a sum of $2 million.
With this acquisition, Housing.com will now be able to allow developers and agents to streamline sales lifecycle by tracking inventory and managing customer relations. This will ultimately result in efficient sale operations, pretty much indicating at the new executive committee’s focus on generating revenues from the real-estate portal.
As per the company, it will also help to reduce costs of more than 20,000 real estate developers. This acquisition will also enrich Housing.com’s Data Science Lab (DSL) with rich data on inventory and transactions in the real estate sector.
Commenting on the acquisition, Rishabh Gupta, iCEO and COO Housing.com said,
Developers are key stakeholders to drive efficiency in the Indian real estate sector. Our vision is that every developer uses HB360 to bring down their sales and operating costs. This will help in reduction of property prices eventually benefitting the consumers.
Rajat Kothari, Founder and CEO, HomeBuy360 said,
The Indian real estate sector is witnessing tremendous growth and traction but it is still highly unorganized, posing significant challenges for the entire ecosystem. With less than 10% of developers currently using CRM for their back end & customer connect operations, we have a huge market opportunity ahead of us. Housing.com has today established itself as a disrupter with innovative products and solutions. Its strong developer network pan India will allow us to further scale our business nationally
This is the third acquisition for Housing this year, and the first one post all of that Rahul Yadav fiasco. Earlier, the company had acquired Indian Real Estate Forum (IREF) for $1.2 million and real estate risk assessment firm Realty Business Intelligent.
To strengthen its leadership position in the online real estate segment of India, Housing also made a few changes in its leadership positions. Earlier this week, it appointed Jason Kothari as Chief Business Officer. Prior to that, it appointed Rishab Gupta as interim CEO after the company’s board fired Rahul Yadav.
Housing.com was founded by Rahul Yadav, Advitiya Sharma, Vaibhav Tolia, Ravish Naresh and Amrit Raj in June 2012. The company has raised $139.5 million in four funding rounds from four investors – Nexus Venture Partners, Qualcomm Ventures, Helion Venture Partners and SoftBank Capital. However, in that raising process, the company has given up close to 90% stake to its investors.
