Online real estate startup Housing has acquired cloud-based sales lifecycle management platform HomeBuy360 for $2 million. HomeBuy360 is a cloud-based sales & inventory tracking and management portal that connects developers, agents, and buyers.
The acquisition appears to be a move towards strengthening Housing’s presence in the overall broker, developer, and buyer ecosystem. Importantly, last week the company had announced 160 layoffs after the exit of its beleaguered CEO Rahul Yadav last month. Though, unconfirmed reports estimated that there were 600 layoffs.
Founded in 2011 by Rajat Kothari, Kshitij Minglani and A K Gururaj, HomeBuy360 is a Tech30, 2011 company, and has flagship products -- Homebuy and Homefind -- which aim to transform the Indian realty CRM and the ERP space by creating a strong connected ecosystem of developers, buyers, agents, and home service providers.
Commenting on the acquisition, Rishabh Gupta, iCEO and COO Housing.com stated,
Developers are key stakeholders to drive efficiency in the Indian real estate sector. Our vision is that every developer uses HB360 to bring down their sales and operating costs. This will help in reduction of property prices eventually benefitting the consumers.
Prior to this, Mumbai-based company had acquired Real Estate Forum (IREF) for Rs eight crore to improve the availability and accessibility of independent information for homebuyers at Housing. Going forward in May this year, the Softbank funded venture had acquired city-based startup Realty Business Intelligence for an estimated amount of $2 million.
Commenting on the partnership, Rajat Kothari, Founder and CEO, HomeBuy360 said,
The Indian real estate sector is witnessing tremendous growth and traction but it is still highly unorganized, posing significant challenges for the entire ecosystem. With less than 10% of developers currently using CRM for their backend & customer connect operations, we have a huge market opportunity ahead of us. Housing.com has today established itself as a disrupter with innovative products and solutions. Its strong developer network pan India will allow us to further scale our business nationally.
Growing at a compounded rate of 31 per cent between January and June 2015, Housing claims to have documented and verified information of over one billion square feet – or 13,000 full-sized soccer fields – of real estate inventory across the country.
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Over the past 18 months, Housing has shown us how to disrupt a segment (online real estate) which is largely dominated by internet giants like TIL and InfoEdge. However, the company had a tough time dealing with controversies led by Rahul Yadav.
With HomeBuy360’s acquisition, Housing will have a tight grip on broker-builder and buyer ecosystem. The acquisition will empower developers and agents to smoothen the entire sales lifecycle and optimize inefficiencies in their sales channel. With Home360Buy in its kitty, Housing will also eye to boost its data sciences labs with real-time data on inventory and sales.