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Housing acquires HomeBuy360 for $2 million

real estate

Real estate portal Housing has acquired sales lifecycle management HomeBuy360 for $2 million, reports VCCircle. Bangalore based HomeBuy allows builders, brokers and buyers to manage pre-sales, post-sales and value added services like chat, task management, reporting and dashboard among others. The report said that the acquisition will help Housing to bring down sales and operating costs from the developer’s perspective.

A PTI report quoted Housing interim CEO and COO Rishabh Gupta as saying that HomeBuy360 would help reduce costs for over 20,000 developers in the realty ecosystem and fortify Housing’s Data Science Lab with inventory and transactions data in the real estate sector. HomeBuy360 was founded by Rajat Kothari, Kshitij Minglani and AK Gururaj in 2011.

Layoffs and streamlining
Earlier this month, Housing let go of 160 employees with plans to focus on its core products. Apparently, the company’s commercial properties, short stays and land businesses have been shut down and it has streamlined focus on large cities and towns while ceasing operations in smaller cities. An ET report states that Housing spent over Rs 100 crore on marketing and advertising over the last one year and is planning to lay off around 600 employees over the next few months.

Following the tumultuous exit of the company’s co-founder and CEO Rahul Yadav, Housing is currently being run by an executive committee that controls its finances and operations, led by SoftBank’s Jonathan Bullock, interim CEO Rishabh Gupta, Housing’s angel investor Haresh Chawla and chief technical officer Abhishek Anand. It currently employs 2,600 people and has raised $139.5 million from four rounds funding with a valuation of around Rs 1,500 crore.

Realty BI acquisition
In May, Housing acquired the Delhi-based real estate analytics portal Realty Business Intelligence for an estimated $2-4 million. According to Housing, the acquisition would help it provide users, including real estate investors, with more data to make informed purchases. Realty BI provided information regarding the real estate sector, including real estate trends and risk management tools. It claimed to specialize in project approval and project monitoring services, and developing project rating models and market intelligence reports.

IREF acquisition
In March, the real estate portal acquired realty-focused online community Indian Real Estate Forum (IREF) for Rs 8 crore. The forum had about 1.5 lakh members, though it’s not clear how many of them were active users. The company told MediaNama then that it was planning to launch an IREF app to improve functionality and UI. IREF was expected to function as an independent entity, with Housing co-founder Ravish Naresh heading it.

RE/MAX tie up
In July, Housing partnered with brokerage network RE/MAX India to extend its verified property listing and advertising to property consulting and last-mile services. The arrangement would allow both Housing and RE/MAX to share listings with each other. RE/MAX claims to have 100 franchises across over 30 cities.

Our Housing coverage here.

Image Credit: Flickr user Erich Ferdinand

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