News Corp, the New-York based global media and information services company, has acquired a 25 percent stake in the parent company of PropTiger, an online real estate marketing platform in India, for USD 30 million. In addition to this, existing investors SAIF Partners, Accel Partners and Horizen Ventures, have invested another USD 7 million in the company.
As part of the deal, Raju Narisetti, Senior Vice President, Strategy at News Corp has joined the board of PropTiger.com’s Singapore-based parent company, Elara Technologies Pte Ltd. PropTiger.com was founded in February 2011 by Mr Agarwala and Kartik Varma, guides customers through the entire process of buying a home, including search, property identification, price negotiation, documentation, home loan facilitation and post sales services.
In 2012, the firm has raised USD 5 million in its second round of funding from PE firms SAIF partners and Accel. The first round of funding was concluded by a few individual investors in 2011.
Recently, PropTiger launched its Data Labs services for institutions, such as real estate developers, private equity investors and banks, in order to help them make better decisions using the real estate data.
“News Corp and PropTiger.com have a shared vision to use technology, high quality data and rich content to bring transparency and simplicity to the home buying experience and to help consumers make well informed decisions,” said Dhruv Agarwala, co-founder of PropTiger.com.
At least 10,000 properties, with a combined value of over USD 1 billion, have already been bought by Indian homebuyers through PropTiger.com, said Mr. Agarwala. It is estimated that India will be a USD 158 billion residential real estate market by 2020.
It is directly competing with Housing.com, which recently raised USD 100 million in a round led by Soft Bank at USD 250 million valuation. Other players operating in the space include IndiaHomes Services Pvt. Ltd. (formerly Agni Property Services Pvt. Ltd.), Noida based firm Clinic, Mumbai-based RCSPL, parent company of real estate group buying portal Groffr.com, Consim Info Pvt Ltd which runs Indiaproperty.com.