While the report doesn’t mention any specific information as to what the company plans to do with this investment, Housing.co.in co-founder Advitiya Sharma has told in an interview to TechCircle that they plan to use this investment to expand to other cities starting with Hyderabad.
This investment follows an angel investment last month, which was led by Chaupaati Bazaar co-founder Zishaan Hayath and saw participation from other investors like Vaibhav Puranik, Shishir Kapoor, Hemanth Goteti, Gagan Goyal, Harsh Baid, Aditya Agarwal and Aatif Misbah. The company had then said that it plans to use the investment for hiring.
Founded in 2012, Housing.co.in is a location based rental property listing portal available as a web app and a mobile site. The company is currently operational only in Mumbai and its suburbs including Navi Mumbai and claims to include only curated property listings on its portal. At the time of writing this article, we noticed that the number of rental listings has increased on the portal, but we feel its still significantly low. We also noticed that the company has now introduced the ability for users to buy properties in Mumbai and its suburbs.
Monetization: Housing.co.in currently allows landlords to upload limited listings for free and charges brokers a specific bi-annual or annual subscription fee to enable them to upload unlimited listings. Going forward, the company was planning to charge landlords as well, although it hadn’t shared any specific information on it.
Competition: Accel Partners-backed real estate and apartment management portal, Commonfloor also offers a similar location based property search service called Commonfloor Maps. The service currently lists rental and properties for sale on its portal. Earlier this month, it had launched an Android app called CommonFloor Property India, which allowed users to search properties for buying or renting.
Earlier this month, NetAmbit India, a financial products distribution company, had acquired real estate portals atOnePlace.com and theBuyerPower.com for an undisclosed amount. atOnePlace is an online real estate marketplace, while theBuyerPower is a group deal platform for real estates.
In November 2012, Smartowner Services India Pvt Ltd, a company that owns real estate marketplace Smartowner, had raised an undisclosed amount of funding from AngelPrime. Prior to this, Commonfloor had raised an undisclosed amount of funding from existing investors like Accel India and Tiger Global Management in October 2012 and the online real estate portal PropTiger had raised $5 million (Rs 25.97 crores) from Accel Partners and SAIF Partners in April 2012.
In May 2012, real estate group buying portal Groffr had introduced a new feature, called ‘Rent A Flat‘ allowing users to browse through listings of new flat/rooms available for rent, or post their flat requirements on the portal while Sulekha.com had launched Sulekha.com Property in October 2011, to offer property related information to users, including buy or sell property listings, rentals, information on localities and brokers, and others.