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News Corp ups stake in PropTiger.com to take its total holding to 30%
MUMBAI: Rupert Murdoch-promoted News Corp has raised its stake in Singapore-based Elara Technologies, the parent company of India’s leading digital real estate marketing and transactions services provider PropTiger.com.
The company has acquired additional 5 per cent stake, taking its total holding in the company to 30 per cent. It had acquired 25 per cent stake in Elara in November 2014 for $30 million.
After raising capital from News Corp, PropTiger.com had acquired Makaan.com to create a common platform besides acquiring UI design firm Out of Box Interaction.
“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 News Corp SVP of strategy Raju Narisetti 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.”
Elara’s other major shareholders, SAIF Partners and Accel Partners, which had increased their shareholdings as part of the original News Corp investment, remain key backers of PropTiger.
Commenting on the development, PropTiger.com co-founder Dhruv Agarwala said, “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.”