1. Rupert Murdoch backed real estate portal PropTiger acquires Makaan.com

Rupert Murdoch backed real estate portal PropTiger acquires Makaan.com

Rupert Murdoch backed PropTiger said it has acquired rival Makaan.com for an undisclosed amount.

By: | New Delhi | Updated: April 29, 2015 1:45 PM
PropTiger acquires Makaan.com

PropTiger also provides real estate consulting and data services to real estate developers, private equity investors and banks. (Reuters)

Real estate portal PropTiger today said it has acquired rival Makaan.com for an undisclosed amount as the Rupert Murdoch-backed website aims to ramp up its presence in India’s secondary property market.

PropTiger’s parent firm, Elara Technologies said it has entered into a transaction with Makaan.com Pvt Ltd, owner of the site.

Both the portals will run separately.

“Our parent firm Elara has acquired Makaan.com, which will keep operating as a separate portal. No fresh funds were raised for this acquisition,” PropTiger.com co-founder Dhruv Agarwala told PTI.

Agarwala did not disclose the acquisition amount.

Last November, Rupert Murdoch-led News Corp had acquired 25 per cent stake in PropTiger for USD 30 million (Rs 185 crore) as part of its strategy to expand presence in digital media.

Elara’s other investors include SAIF Partners, Accel Partners and Horizon Ventures.

Earlier this month, PropTiger had acquired Bangalore-based Out of Box Interaction (OoBI), a digital interaction design company that specialises in displaying real estate projects in an immersive way.

Asked about the reason for acquiring Makaan.com, Agarwala said: “It has a strong presence in the property resale market, while PropTiger is strong in the primary market.”

The acquisition creates a comprehensive online real-estate platform, which will offer end-to-end services to home buyers, real estate developers, property brokers, banks and private equity investors, he added.

Since 2011, around 12,000 homes worth USD 1.2 billion have been purchased through PropTiger’s platform.

The Noida-based firm, which was founded in February 2011, has eight offices in the country with employee strength of around 500.

PropTiger also provides real estate consulting and data services to real estate developers, private equity investors and banks.

Its proprietary database contains information and transaction data on residential real estate sector in 20 major Indian cities.

Makaan.com, on the other hand, has around 200,000 active property listings and relationships with 40,000 brokers in 50 Indian cities.

Makaan.com was founded within People Group by entrepreneur and investor Anupam Mittal, whose other digital ventures include Shaadi.com and Mauj Mobile.

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Tags: PropTiger
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