Housing.com acquired online forum for $1.2 million recently. Recently the company is on acquisition spree, in February they took over PropEquity, a research and analytical firm. Now they have acquired Indian Real Estate Forum (IREF) for $1.2 million.
IREF has a base of about 1.5 lakh active users on its base and offers unbiased and transparent information about new real estate projects, developers, plots and brokers. IREF has planned to start new “ask me anything” feature on the forum where users queries on properties, projects and builders will be answered.
Housing.com has acquired the company in all cash deal. IREF will remain an independent venture headed by Ravish Naresh, co founder of Housing.com and their 3 employees will join Housing.com.
With this acquisition Housing.com will get ready access to user generated content that helps them to formulate necessary strategy to position the products for homebuyers.
IREF was started by Rahul Dutt in 2012, provides information such as new projects, developers, localities, brokers and plots. It helps buyers to gather information before taking the final call on purchase. The website is known for holding user generated and moderated discussions on topics largely related to properties, development status, pricing, market trends etc.,
Housing.com is flush with funds and has been funded by several venture capitalists. They received $90 million in funding led by Softbank Corp and Falcon Edge Capital with existing investors.
Nowadays online housing search portals are making news in terms of funding and acquisition or poaching of employees. Recently Commonfloor.com was funded by Google Capital, News Corp acquired stake in Prop Tiger.
Housing.com is embroiled in news recently. Their senior manager for business strategy and web engagement was killed in car crash along with another employee. One of the co founder and another employee were remain unhurt in the accident. Charges were slapped against the founder for negligent and rash driving.
On the other side, CEO of Housing.com on a mail exchange with Sequoia Capital MD has turned into a nasty fight on employee poaching issue. After which Housing.com was sent legal notice by Times Group which owns Magicbricks.com seeking unconditional apology and seeking $16 million in damages.