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Housing acquires HomeBuy360 for $2 million

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…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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