4 February, 2016, Mumbai: If the speculations of the markets are to be believed, IndiaHomes is showing a keen interest in selling its firm to Housing.com. However, earlier, Indiahomes had given a similar deal to IndiaProperty but it didn’t click due to concerns over the revenue recognition.
The company is speeding up its operations to crack the deal with the housing.com as it is finding it difficult to carry out its operations in today’s cut-throat competition. Two of the officials of IndiaProperty (names cannot be disclosed due to confidentiality) stated, “Both companies have exchanged financial information as part of an ongoing due diligence exercise.”
However, senior officials of both the firms denied the fact in their statements. Samarjit Singh, Founder, IndiaHomes has refuted the rumours hovering around and stated, “There are no such discussions underway at this time with Housing.com.”
On the other hand, Jason Kothari, CEO, Housing.com refused to comment anything on the development. “There are no such discussions underway at this time with Housing.com,” said Kothari when contacted.
Samarjit went ahead and confirmed that the company has raised fresh funds from some of its existing investors. “We have finalised fresh financing of approximately $10 million from existing investors New Enterprise Associates (NEA) and Foundation Capital. Half the amount has been invested and the remaining will be invested before March 31,” Singh adds.