Housing.com targets $10 mn revenue in FY17

The company had raised $90 million in a round led by SoftBank in December 2014

SoftBank Group-backed Housing.com, which underwent a major restructuring exercise, is on track to achieve $10 million in revenue this fiscal year, according to a company statement.

Jason Kothari took over as the new CEO in November after Housing.com co-founder Rahul Yadav quit in July last year. Four other co-founders quit recently.

In December, SoftBank injected Rs.100 crore into the firm. The company had raised $90 million in a round led by SoftBank in December 2014.

Home buying

The company recently scaled down its listings and rentals, commercial properties, short stays and land businesses and increased focus on the home buying and selling business.

Housing.com in the statement said its business revamp led to a revenue growth of 200 per cent month-on-month. New innovative products being piloted are slated to be unveiled next quarter, it added.

“We are delighted with the response we are seeing in the market and are confident about the company’s revenue position in the future. To achieve such a strong performance when the real estate sector is going through tough times is a testament to the value that Housing.com as a company and platform is delivering to stakeholders,” Mr. Kothari said.

Sales force

The firm said it has a sales force of 250 people and will continue to rapidly ramp it up. Housing.com said it has monetised 400 developers in the last four months and 800 brokers in the last two months alone.

Some of the developers include DLF, Purvankara, Brigade, Sobha, Kolte Patil, Radius and DB Realty.

Currently, Housing.com has 11,000 developers and 18,000 brokers active on its platform.

Hence, there is large monetisation growth and upside that can be derived from just the existing customer base, the statement said.