PropTiger.com realty portal backed by News Corp acquires Makaan.com
PropTiger.com acquires Makaan.com
PropTiger.com realty portal, which is backed by News Corp through its own Singapore based firm Elara Technologies has recently acquired India’s leading online property listings platform which is Makaan.com. It offers perfect platform to end users and real estate investors for property listing as well as transactions in India. Now this acquisition will bring the PropTiger.com and Makaan.com on the same online real estate platform to provide end-to-end services to those who are interested in property buying no matter they are property brokers, property agents, end users or investors, real estate developers, banks and even private equity investors.
In less than one month time its second acquisition by PropTiger.com as earlier it has acquired OoBI (Out of Box Interaction), which was Bangalore-based digital interaction design company. According to the Co-founder & CEO of Proptiger.com, Dhruv Agarwala, “In present we are working on business expansion and integration with a sole purpose to bring out synergies immediately, but for next few months we will operate both companies PropTiger.com and Makaan.com separately”. However, at PropTiger.com our main strength is the end to end services for primary segment whereas; with Makaan.com, now we are able to develop the personal relation with more than 40,000 brokers in more than 50 major cities of country and it also has control over the secondary market in real estate sector.
In November, Rupert Murdoch’s News Corp, which is media baron had acquired about 25 per cent stake in Elara Technologies which is Singapore based company and it is the parent company of PropTiger.com, which is Noida based online real estate marketing platform with the valuation of $ 30 million or Rs 186 crore whereas; it has real valuation at $ 120 million, or Rs 744 crore. In this round of acquisition the existing investors such as; Horizen Ventures, SAIF Partners and Accel Partners had infused more than $ 7 million or Rs 43 crore into the company.
