News Corp-backed real estate portal PropTiger has acquired eight-year-old Makaan.com, a property listing website, for an undisclosed amount. Following the acquisition, the two portals will continue to operate independently, though they will share the database.
Terms of the transaction were not disclosed. Makaan.com has around 200,000 active property listings and relationships with 40,000 brokers in 50 cities. It claims to have almost 40% traffic from mobile.
“Together we will provide home buyers with a powerful online real estate platform to guide them through the early stages of home search and identification and all the way until they have the keys to their dream home,” said Dhruv Agarwala, co-founder & CEO, PropTiger.com.
Launched in 2011, PropTiger provides services ranging from property search and site visits to home loan advice and property registration assistance. It claims to have facilitated sales of 12,000 homes worth $1.2 billion through its platform. It has a team of over 500 in eight major Indian cities.
Talking to FE, Anupam Mittal, co-founder, Makaan.com, said, “Listings portals solve half the problem of providing the information. Users want credible data but they also want to complete the transaction. And that’s what we are after. Now we do not only provide property information, we can also close the loop by completing the transaction. That’s what our combined strength brings to the table.”