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Housing.com raises 1 billion rupees from SoftBank

Reuters

MUMBAI (Reuters) - Housing.com said it had received 1 billion rupees ($14.7 million) in fresh funding from its largest investor SoftBank Group Corp, months after a restructuring that saw hundreds of job cuts at the real estate classifieds company.

The company, which fired its founding CEO Rahul Yadav last July after he was involved in a public spat with its venture capital investors, has been struggling with mounting losses and falling market share according to local media reports.

The company, that last raised $90 million in a SoftBank-led round in December 2014, had been pegged as one of the most promising Indian startups, but has since run into trouble on rising costs amidst a management shake-up.

SoftBank last year committed to investing $10 billion in India over 10 years and CEO Masayoshi Son said last week the Japanese conglomerate will accelerate investments into India.

($1 = 67.9600 Indian rupees)

(Reporting by Himank Sharma; Editing by Anand Basu)