The rise and fall (at least temporary) story of Housing has nothing been short of a spectacular reality drama in the Indian startup ecosystem.
After the infamous spat of its founder Rahul Yadav with the investors and board members, his eventual exit followed by other co-founders; massive employee layoffs, and a new CEO last year- Housing has seen it all.
And now it looks like the company is finally focussing on real issues- strengthening the team, acquisitions, and, of course, the revenue model.
Towards the same goals, the company has raised an undisclosed amount of investment from Vikas Singh, former head of 99acres and co-founder and MD of Buildzar , an online portal for construction material and home construction solutions.
Vikas will also join the team as a senior advisor and work with the senior management team to refine its monetization strategy and also look for the companies for acquisitions and achieve inorganic growth of the company.
On Vikas’s appointment as a senior advisor as well as a personal investor, CEO of Housing, Jason Kothari said, “Vineet brings with him enriching experience, deep understanding of the ecosystem, and a decade of high-achieving sales leadership in the online real estate space.”
Vikas has also been highly active as an angel investor for the last two years. He usually invests in the range of $10000-$50000 and has invested in a number of startups.
These include Plabro.com, an online platform for brokers; on-demand transport and moving service Moovo.in; self-drive car rental firm JustRide and online fashion portal Seenit.in.
Vikas Singh commented on his new role in Housing and said, “Housing.com has been a disrupter who has redefined the way consumers buy and sell homes in the marketplace. With a great product and a strong management team, I am a proud investor in Housing.com and look forward to further this dynamic company on its path to becoming the largest and most trusted player in the online real estate space.”
He further added that Housing had so far focussed on the customer acquisition and not enough on monetization option. With a renewed focus of the new management on building a revenue model, Singh said that his domain expertise in that particular area would be beneficial to the company.
Jason Kothari, who joined Housing as the CEO in November last year, also indicated towards a possibility of raising a fresh round of funding by the end of this year. Without giving any specific details, Kothari said, “We are well capitalized for now but may seek fresh capital by the end of the year.”
Kothari and Singh have denied the immediate possibility of a strategic alliance between Housing and Singh’s venture Buildzar. However, both have agreed upon the potential of a similar synergy between Housing and other real estate portals in the future.