News Corp, the global, diversified media and information services company, has announced that it raised its stake in the Singapore-based Elara Technologies Pte, the parent company of India’s leading digital real estate marketing and transactions services provider, PropTiger.com.
Terms of the transaction, which increased News Corp’s stake in Elara to about 30 per cent, were not disclosed. News Corp first acquired a 25 per cent stake in Elara in November 2014 for an announced valued of $30 million.
PropTiger has since acquired digital design startup Out of Box Interaction (OoBI) as well as adding property search portal Makaan.com to its industry-leading portfolio of offerings and capabilities.
“We strongly believe the combination of PropTiger.com and Makaan.com is best poised to be the dominant digital real-estate platform in India for years to come,” said Raju Narisetti, Senior Vice President, Strategy, for News Corp, who also chairs Elara’s Singapore-based board. “While India’s real estate sector continues to work its way through challenging macro conditions, we remain very optimistic, not only about India’s long-term potential, but also about the management team of PropTiger in its ability to execute, rationally and deliberately”.
Other major shareholders in Elara, SAIF Partners and Accel Partners, which had increased their shareholdings as part of the original News Corp investment, remain key backers of PropTiger.
Commenting on the development, Dhruv Agarwala, Co-founder, PropTiger.com said, “News Corp’s increased stake is a validation of PropTiger’s strategy to win a growing share of the digital real estate market in India through our unique service offerings and an end user experience that is second to none. We continue to leverage and benefit from News Corp’s global expertise in real estate markets.”
News Corp owns a 62 per cent stake in REA Group, which is the operator of Australia’s leading property website, realestate.com.au. It also owns Move Inc., which operates realtor.com®, the most up-to-date and accurate for-sale listings of any digital real estate company in the US. It also recently incubated MansionGlobal.com, a global luxury real estate website housed at Dow Jones & Company.