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Rupert Murdoch backed PropTiger acquires rival Makaan.com

With an aim to ramp up its presence in India’s secondary property
market, real estate portal PropTiger has acquired rival Makaan.com for an
undisclosed amount.

In November 2014, media mogul Rupert Murdoch’s News Corp acquired 25%
stake in PropTiger.com for $30 million
.

With an aim to ramp up its presence in India’s secondary property
market, real estate portal PropTiger has acquired rival Makaan.com for an
undisclosed amount.

In November 2014, media mogul Rupert Murdoch’s News Corp acquired 25%
stake in PropTiger.com for $30 million
.

And now, PropTiger’s parent firm, Elara Technologies said in a statement that it
has entered into a transaction with Makaan.com Pvt Ltd, owner of the site.
According to the First Post report, 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, was quoted in the
report as saying.

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 told
Firstpost, “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 $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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