News Corp acquires 25 percent stake in PropTiger

News Corp acquires 25 percent stake in PropTiger

By siliconindia   |   Wednesday, November 26, 2014

Bangalore : The New York based media and publishing firm headed by Rupert Murdoch, has invested $ 30 million for acquiring 25 percent stake in Elara Technologies Pvt Ltd, the parent firm of Indian real estate marketing website Prop Tiger.com.

News Corp says the strategic investment in India is for developing its digital business. Indian real estate portal PropTiger.com, which is supported by investors like SAIF Partners, Horizon Ventures and Accel Partners, will also attain another investment of $7 million (Rs 42 crore) from its current investors.

As a part of the investment, The News Corp Senior Vice President, Raju Narisetti, strategy will also join Singapore based PropTiger.com parent company, Elara’s Technologies Pvt Ltd.The New York based company has an extensive presence in online real estate through its occupancy, dominant partial stake in REA Group Limited, operator of realtor.com and realestate.com.au which is the leading Australian residential property website. This adds a significant strength to the business. Besides, it split its newspaper and publishing business from its entertainment and most profitable broadcast operations.

The co-founder of PropTiger.com, Dhruv Agarwala stated that “We are pleased to have News Corp as our collaborator. Under the control of Rupert Murdoch, Executive Chairman and Robert Thomson, a Chief Executive, New York based firm bring content expertise, real estate know, product expertise which helps us to drive traffic growth, product innovation and customer engagement”.

PropTiger.com was launched in the year 2011 by Kartik Varma and Dhruv Agarwala, classmates from Harvard Business School, along with Prashan Agarwal, a graduate of the Indian Institute of Technology and the Indian School of Business, to offer first home for middle class Indians. It has more than 250 developer partners who promote their new developments through the online platform. Till now, the portal has sold more than 10,000 residential properties all over the country which worth over $ 1 billion, according to Dhruv Agarwala.

“We have made an extensive investment for ensuring the multiple data and innovations like the livability score to compare neighborhood properties, a property portfolio tracker to estimate the price and performance of property investments which brings transparency in the resale market”, PropTiger.com Cofounder Mr. Prashan Agarwal added.It is predictable that the India will be a $ 158 billion residential realty market by 2020 as this provides an opportunity for growth in a market.

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