Rupert Murdoch-led News Corp on Tuesday announced that it has raised its stake in the Singapore-based Elara Technologies Pte, the parent company of PropTiger.com to about 30 per cent.
The terms of the transaction, which increased News Corp’s stake in Elara, were not disclosed. Last November, News Corp had acquired 25 per cent stake in PropTiger for $30 million (Rs 185 crore).
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.
“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,” said Dhruv Agarwala, Co-founder, PropTiger.com.
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