Sources reveal that rival Housing is in talks with online realty portal PropTiger for a sale.
Bengaluru, January 14: Existing investors News Corp and Australia’s REA Group may inject funds of $100-120 million in Elara Technologies. Elara Technologies owns and runs online realty portal PropTiger.
A global online real estate advertising company REA Group is majority owned by New Corp Australia, a subsidiary of News Corp.
For over a year, realty portal Housing was in talks but still paper formalities has not been done yet. News Corp may announce the merger and finance the deal in coming days, sources revealed. PropTiger and News Corp have not opened their cards yet. In order to use each other’s core potential, Housing and PropTiger got into partnership for revenue-sharing agreement in the month of September, last year.
Earlier, Housing’s valuation has witnessed a considerable beating owing to the turmoil in the company. In 2015, Rahul Yadav, Former Co-Founder & CEO of Housing.com was removed from his position after his public spat with the company’s investors. The affect of this spat was such that Housing had to shut down multiple businesses such as rentals and listings by the end of 2015.
At the end of 2014, the Housing’s peak valuation was about $220-250 million and during that period the company got $90 million funding from SoftBank. Nexus Venture Partners, Helion Venture Partners, SoftBank, Falcon Edge and Russian billionaire Yuri Milner’s Apoletto Holdings are some of the investors in online realty portal Housing.
Some sources reveal that Jason Kothari, current CEO of Housing.com may leave the SoftBank-backed Housing once all the formalities of the sale are completed.
Author: Akash Singh
Akash Singh is a passionate free lance writer based in Noida. He’s designed the content for various reputed online financial and real estate portals. He has completed his Bachelor’s in Management from Mumbai University and has earned his MBA International Business (HR) Degree from prestigious Amity University. He loves to invest his time in the laps of nature, and enjoys life to the fullest.