And here comes a big blast acquisition of the year so far! Yes, online marketplace Snapdeal is all set to take over the online real estate portal Housing.com. The companies are in the final stage of the deal which is supposedly end up somewhere between $50-100 million.
The online real estate portal, which was in the news referring to the controversies and spats with one of its co-founders began its discussion with Snapdeal and News Corp for a strategic stake sale. The Mumbai-based firm started looking for backers to recuperate from a year long havoc which has damaged its position in the online real estate landscape.
The talks between Snapdeal and Housing could result in a deal by the end of 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.
Housing's downfall started soon after SoftBank led an investment round of $90 million (Rs 540 crore) in November 2014. The funding in 2014 valued Housing at about Rs 1,500 crore.