PropTiger.com acquires its rival Makaan.com
Real estate portal PropTiger.com has acquired its rival Makaan.com to ramp up its presence in India’s secondary property market. After the acquisition both portals will run separately.
In this regard, Elara Technologies parent firm of PropTiger.com has entered into a transaction for an undisclosed amount with Makaan.com.
This acquisition will help PropTiger.com to create a comprehensive online real-estate platform in India which will offer end-to-end services to real estate developers, home buyers, property brokers, private equity investors and banks.
PropTiger is Noida-based firm founded in February 2011. It is backed by media magnate Rupert Murdoch-led News Corp. The News Corp had had acquired 25% stake in PropTiger as part of its strategy to expand presence in digital media.
Since 2011, through PropTiger’s platform around 12,000 homes worth $1.2 billion have been purchased.
While, Makaan.com was founded by entrepreneur and investor Anupam Mittal within People Group whose other digital ventures include Mauj Mobile and Shaadi.com.
Currently, it has around 200,000 active property listings in 50 Indian cities and relationships with 40,000 brokers.
Categories: Business & Economy Current Affairs 2017