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Housing.com Raises Funds From Former 99Acres.com Head Vineet Singh

Housing.com Raises Funds From Former-99Acres.com Head Vineet Singh

By Press Trust of India | Updated: 4 April 2016 10:12 IST

Online real estate platform Housing.com Monday said former business head of 99Acres.com Vineet Singh has invested in the company.

The amount invested was, however, not disclosed. Singh will closely work with the Housing.com management team in a senior advisory role, the SoftBank-backed company said in a statement.

As part of Info Edge's executive leadership team for a decade, Singh built 99Acres.com and Naukri.com from startups to scaled companies with strong sales capabilities, it added.

Currently, Singh is co-founder, CEO and MD of Buildczar.com, a marketplace for building materials and finishing products.

"On board as a personal investor, Vineet will also serve as a senior advisor to the company working closely with the management team. We believe that his association will further fuel the ambitious growth plans of Housing.com," Housing.com CEO Jason Kothari said.

In January, SoftBank had made a fresh investment of Rs. 100 crores in Housing.com to help the realty portal consolidate its position in the heavily contested online property segment.

Housing.com, which competes with the likes of Rupert Murdoch-backed PropTiger, Magicbricks and CommonFloor, had received $90 million (roughly Rs. 598 crores) funding in December 2014.

Softbank has over 30 percent stake in the portal. Founded in 2012, Housing.com has raised over $100 million (roughly Rs. 663 crores) in capital from leading investors, including SoftBank, Nexus Ventures, Falcon Edge and Helion Ventures.

With 1.7 million verified listings to date, Housing.com has acquired an online community for real estate (India Real Estate Forum), a popular CRM for developers (HomeBuy360), and a data analytics and due diligence firm for real estate (Realty Business Intelligence) in the past.

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