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Housing.com commences stake sale talk with Snapdeal, News Corp

  • Housing.com has begun
    discussions with Snapdeal as well as News Corp, which is a backer of rival
    PropTiger, for a strategic stake sale, people aware of the talks told the
    Economic Times.
  •  
  • The talks, which sources
    described as ‘nascent’, could result in a deal by the second quarter of 2016
    and the final contours will depend on the embattled company’s ability to

    • Housing.com has begun
      discussions with Snapdeal as well as News Corp, which is a backer of rival
      PropTiger, for a strategic stake sale, people aware of the talks told the
      Economic Times.
    •  
    • The talks, which sources
      described as ‘nascent’, could result in a deal by the second quarter of 2016
      and the final contours will depend on the embattled company’s ability to
      demonstrate growth in its so-called ‘buy and sell’ business, which allows users
      to not just find property but engage in a transaction online.
    •  
    • “It will come
      down to the best price,” said one of the sources about the negotiations,
      which are being fronted by SoftBank, which is the largest investor in Housing
      and online marketplace Snapdeal.
    •  
    • Last month, Housing
      said it would close all business units including rental and commercial listings
      to focus on its home-buying and selling business, a move that industry
      observers say was aimed at aligning itself with Snapdeal’s commerce platform.
    •  
    • Announcing the
      closure of the verticals to employees, CEO Kothari wrote in an email, “At
      a time (when) capital is limited, we are hard pressed but need to allocate 100%
      of our resources and mindshare on winning the BUY-SELL market. In addition, we
      need to be much more efficient with our resources.”
    •  
    • Housing was started
      in 2012 by a dozen college-mates from IIT-Bombay. Of these, nine still remain
      at the company and only three hold senior management positions.

     

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