Rs 100 Core funded in a company which is already running in Loss! What else evidence is needed to understand the future of Startups!
Recently, the initiatives that our prime minister Mr. Modi has taken have become a boon for startup like Housing.com (Real estate Startup). After a consistent loss, there is a good news for Housing.com. Soft Bank has invested Rs. 100 crore in Housing.com,
In the end of March 2015, Housing.com had suffered a Rs. 279 Core loss. However, according to Housing.com, this funding will strengthen their position to shine in the market.
Jason Kothari, Chief Executive Officer of Housing.com added the following words
“We are now well-capitalized to aggressively execute on our focused strategy and growth plans and believe 2016 will be a great year for the company,”
This is not the first funding by the Soft Bank. They had already funded over Rs 600 crore in Housing.com in November 2014. Some other investors like Nexus Ventures, Falcon Edge, Helion Ventures, Nirvana Ventures, Qualcomm, Viacom 18 co-founder Haresh Chawla, Snapdeal founders Kunal Bahl and Rohit Bansal also have funded in Housing.com
According to industry sources, due to consistence loss, Housing.com was struggling to manage the operations cost. This fresh round of funding by Softbank is meant to keep Housing.com in the market till its acquisition by leading e-commerce company Snapdeal.