Japan's SoftBank Reportedly Buys 30 Percent Stake in India's Housing.com

According to three people "directly involved in the transaction", the realty portal Housing.com has raised $100 million (approximately Rs. 610 crores) funding from Japan's SoftBank, reported The Economic Times on Wednesday.

The company Housing.com is said to be valued at about $250 million (approximately Rs. 1,500 crores), in which SoftBank will reportedly acquire a 30 percent stake in the company with an investment of $70 million (approximately Rs. 430 crores).

The report said $250 million was a 'pre-money' valuation, and it would be substantially higher 'post-money'. As yet, both Housing.com and SoftBank have not commented on the reports.

Last month, SoftBank had also highlighted that India is a priority in its aggressive expansion overseas.

The company had agreed to buy a $627 million (approximately Rs. 3,800 crores) stake in Indian online retailer Snapdeal, seeking to tap into the potentially huge e-commerce growth in Indian market which currently has the world's third-biggest Internet user base.

The Snapdeal investment was announced alongside SoftBank Internet and Media Inc's (SIMI) lead in a $210 million investment with existing investors in Indian transportation aggregator ANI Technologies. SoftBank didn't specify how much it was investing in ANI, which operates a mobile application for cab booking.

Both deals were negotiated under the newly-appointed SoftBank Vice Chairman and SIMI Chief Executive Nikesh Arora, reflecting the company's recent aggressive overseas expansion.