PropTiger, Housing.com to merge; new entity to raise $55 mn

January 10, 2017 18:10

In a major consolidation, PropTiger.com and Housing.com will merge to create India's largest online real estate services company that will raise $55 million for business expansion.

News Corp-backed PropTiger.com and SoftBank-backed Housing.com today said they will "come together to become India's largest online real estate services company".

As part of the deal, Australia's REA Group Ltd will invest $50 million in the joint entity, while an affiliate of SoftBank Group Corp will invest $5 million.

Co-founder and CEO of PropTiger Dhruv Agarwala will serve as CEO of the new entity, while Jason Kothari, CEO of Housing.com, will quit to pursue other opportunities in the Indian Internet space, a joint statement said.

"It's a merger deal. Shareholders of PropTiger.com and Housing.com will be the shareholders in the new entity", Agarwala told PTI.

"We will be using all the three brands -- Propetiger.com, Housing.com and Makaan.com to offer full range of online and offline real estate solutions for the home buyers," he added.

The $55 million fund would be utilised for business development including new products, technologies and branding, Agarwala said.

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