Snapdeal in final talks to buy Housing.com in around $50-$100 million
NEW DELHI: E-commerce major Snapdeal is in the final stages of acquiring online real estate portal Housing.com and the deal could be finalised for $50-100 million, according to The Hindu BusinessLine.
The talks between the two companies was initiated in December last year.
However, the report said it is not clear whether Snapdeal will completely acquire the Mumbai-based portal or pick up a majority stake in it and let it run independently.
Snapdeal had entered the home sales segment with Tata Housing in 2014. It also partnered with property consultant JLL recently to help market residential real estate for the company.
SoftBank, a common investor in both the companies and the largest investor in Housing.com, is understood to have facilitated the deal, said the report. Nexus Venture Partners has also invested in both Snapdeal and Housing.com.
Housing.com in January raised an additional Rs 100 crore in funding from Japan’s SoftBank. The company had raised $90 million in a round led by Softbank in December 2014.
The company has recently scaled down its listings and rentals, commercial properties, short stays and land businesses and increased its focus on home buying and selling business.