Top News

News Corp raises its stake in PropTiger to 30%

Multinational media and information services company News Corp has reportedly raised its stake by 5% in the Singapore-based Elara Technologies, parent company of online real estate services portal PropTiger.com, reports TechCircle. 

Multinational media and information services company News Corp has reportedly raised its stake by 5% in the Singapore-based Elara Technologies, parent company of online real estate services portal PropTiger.com, reports TechCircle. 

News Corp had first acquired a 25% stake in Elara in November last year for about $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 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,” Raju Narisetti, senior vice president (strategy) at News Corp, who also chairs Elara’s board, was quoted in the report as saying. 

“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,” added Narisetti.

“News Corp’s increased stake in PropTiger is a validation of the company’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,” Dhruv Agarwala, co-founder of PropTiger.com told Techcircle.

“News Corp has reaffirmed the faith in our management team, the way we are going about building the business and the strategy that we have adopted. Clearly the path we are taking has been in line with the expectations News Corp has with us,” Agarwala added in the report. 

According to the report, the company, which currently has 750 employees, plans to rope in over 250 more employees in six months. 

PropTiger was founded in 2011 by Harvard Business School alumni Agarwala and Kartik Varma along with Agarwal. So far, the company has raised funding worth $44 million. It had earlier raised $7 million in two rounds of funding from SoftBank, Horizon Ventures, SAIF Partners, Accel Partners and others. SoftBank had invested through SoftBank China & India Holdings, which manages Bodhi Investments LLC, and focuses on early stage and selected pre-IPO opportunities in China, India and Southeast Asia.

Last month, PropTiger co-founder Prashan Agarwal quit to pursue other entrepreneurial opportunities. The company strengthened its senior management team with three additions. It roped in Sunil Mishra as chief business officer, Rohit Hasteer as chief human resource officer and Neeraj Chaturvedi as chief marketing officer.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close