MUMBAI: News Corp-backed real estate portal PropTiger.com, through its Singapore arm Elara Technologies, has acquired online property listings platform Makaan.com, which is one of the first marketplaces for property transactions and listings in India.
The transaction will bring Makaan.com and PropTiger.com together onto an online real-estate platform, offering end-to-end services to home buyers, real estate developers, property brokers, banks and even private equity investors.
"We will start working on integration and bringing out synergies immediately, but for the time being both the companies will continue to operate separately," Dhruv Agarwala, Co-founder & CEO, Proptiger.com told ET. "At PropTiger, our strength is end to end services in primary segment, while Makaan.com with its relationships with over 40,000 brokers across 50 major cities has great control of secondary market, that's where the synergy will flow in from."
This is the second acquisition by PropTiger.com in less than a month's time after it acquired Bangalore-based Out of Box Interaction (OoBI), a digital interaction design company.
In November, media baron Rupert Murdoch's News Corp had picked up 25% stake in Singapore's Elara Technologies, the parent company of Noida-based online real estate marketing platform PropTiger.com for $30 million (about Rs 186 crore), valuing the company at $120 million, or about Rs 744 crore. In this round, existing investors, including SAIF Partners, Accel Partners and Horizen Ventures, had also infused another $7 million (Rs 43 crore) into the company.