Housing aims at $10 million in revenue this fiscal year2 min read . Updated: 30 May 2016, 07:49 AM IST
Locon Solutions, that runs Housing, has monetized 400 developers in the last four months and 800 brokers in the last two months
Mumbai-based Locon Solutions Pvt. Ltd that operates the online real estate portal Housing.com is looking to touch $10 million in revenue in the current financial year with a monthly growth rate of 200%. The company, which began its new monetizing strategy in January this year, makes money by advertising revenue where property listers pay for greater visibility of their properties.
Mint reported this month that the company expects to be cash-flow positive in 18 months from now.
The company under the reigns of Jason Kothari, the current chief executive officer, moved away from being a property listing portal to a property buying and selling portal in November last year. Through its current model of advertisement revenues, it has monetized 400 developers in the last four months and 800 brokers in the last two months.
“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," said Kothari.
The company that was founded in 2012 is looking at other streams of revenue which would include an online-to-offline model where the company will deploy its agents who would assist users to complete a transaction. Membership fees would also be an option that the company would like to explore. It currently has 11,000 developers and 18,000 brokers listed on the platform and 3.5 million visitors per month. Confident with the progress of the new business model SoftBank Corp. pumped in ₹ 100 crore in the company in January. It is looking to raise fresh funds by the end of this year and is also looking at potential acquisitions or partnerships with companies to drive growth.
The growth plans put an end to rumours about the company selling out—instead the company wants to be a market leaders in the space of buying and selling homes, according to Kothari. Housing.com put in place a new management after Rahul Yadav, co-founder with the company was asked to quit and Kothari came on board.
The company has appointed Mani Rangarajan as chief financial officer, Nikhil Rungta as chief marketing officer and Nandini Mehta as general counsel among others. It currently has an employee strength of 250 and it has built teams across the top seven metros—Mumbai, Delhi, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
The company is now fully run by the new management as four co-founders left in 2014 and five more co-founders have quit since July last year.