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Japan's SoftBank Reportedly Buys 30 Percent Stake in India's Housing.com

Japan's SoftBank Reportedly Buys 30 Percent Stake in India's Housing.com

By Hitesh Arora | Updated: 19 November 2014 19:07 IST

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After investments in Snapdeal and ANI Technologies (operates Ola Cabs), Japan's SoftBank has now reportedly made an investment in an Indian startup, realty portal Housing.com.

According to three people "directly involved in the transaction", the realty portal Housing.com has raised $100 million (approximately Rs. 610 crores) funding from Japan's SoftBank, reported The Economic Times on Wednesday.

The company Housing.com is said to be valued at about $250 million (approximately Rs. 1,500 crores), in which SoftBank will reportedly acquire a 30 percent stake in the company with an investment of $70 million (approximately Rs. 430 crores).

The report said $250 million was a 'pre-money' valuation, and it would be substantially higher 'post-money'. As yet, both Housing.com and SoftBank have not commented on the reports.

Last month, SoftBank had also highlighted that India is a priority in its aggressive expansion overseas.

The company had agreed to buy a $627 million (approximately Rs. 3,800 crores) stake in Indian online retailer Snapdeal, seeking to tap into the potentially huge e-commerce growth in Indian market which currently has the world's third-biggest Internet user base.

The Snapdeal investment was announced alongside SoftBank Internet and Media Inc's (SIMI) lead in a $210 million investment with existing investors in Indian transportation aggregator ANI Technologies. SoftBank didn't specify how much it was investing in ANI, which operates a mobile application for cab booking.

Both deals were negotiated under the newly-appointed SoftBank Vice Chairman and SIMI Chief Executive Nikesh Arora, reflecting the company's recent aggressive overseas expansion.

Written with agency inputs

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Further reading: Housing.com, Internet, SoftBank