Mumbai-based real estate startup Housing.com has acquired Realty Business Intelligence, an organization focused on risk assessment for realty projects. The deal was closed for a sum of about $1.5 Mn (INR 10 Cr.) in cash towards purchase of 100% equity of Realty Business Intelligence.
With this acquisition, Housing.com customers will now be empowered with credible real estate market intelligence and risk assessment to aid informed decision making for investments in new projects. This in line with Housing.com’s vision to bring transparency into the opaque world of real estate that is fraught with risks when it comes to retail investments in new projects.
Backed by this acquisition, Housing.com will further augment its due diligence efforts to ensure verified listings, risk free transactions and secure investments while giving Realty BI access to a vast database of realty developers and end consumers.
Commenting on the acquisition, Rahul Yadav, CEO, Housing.com stated,
Housing.com has always endeavored to build a transparent realty ecosystem wherein consumers can make sound and informed decisions when investing in new projects. I have often heard of disturbing instances where a developer having permission to construct a building upto 16th floor selling inventory on 17th or 18th floor to consumers. Through our acquisition of Realty BI, Housing.com strengthens its technology platform and consumer promise to deliver a powerful collateral risk management platform addressing the entire due diligence lifecycle to validate new projects. With our combined strength, we aim to remove ambiguities in the realty industry and bring about faster growth for the industry
Founded by ex-bankers, Realty BI provides a wide array of solutions encompassing due diligence, back-end research, project monitoring and business intelligence catering to lenders, investors and buyers. The company has been working with banks, HFCs & NBFCs across the country to provide a unified collateral risk assessment platform assuring a minimum 50% reduction in overall costs and back-end work related to due diligence.
Earlier this year, Housing.com had acquired Indian Real Estate Forum (IREF), to provide trustworthy information and end-to-end services to all stakeholders.
Mumbai-based, Housing.com was co-founded by a group of 12 IIT-B alumni in 2012. The company raised a total of $139.5 Mn in 4 rounds of funding by investors including Softbank Capital, Helion Venture Partners, Nexus Venture Partners and Qualcomm Ventures.