Television

News Corp backed PropTiger acquires Makaan.com

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MUMBAI: With an aim to ramp up its presence in India's secondary property market, Rupert Murdoch’s News Corp-backed real estate portal PropTiger has acquired rival Makaan.com for an undisclosed amount.

PropTiger's parent firm Elara Technologies has entered into a transaction with Makaan.com. Both 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 told PTI.

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. 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. In November last year, News Corp had acquired 25 per cent stake in PropTiger for $30 million as part of its strategy to expand presence in digital media.

Earlier this month, PropTiger also acquired the Bangalore-based digital interaction design company Out of Box Interaction (OoBI), which specialises in displaying real estate projects in an immersive way.

Entrepreneur and investor Anupam Mittal, whose other digital ventures include Shaadi.com and Mauj Mobile, founded Makaan.com within People Group.

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