PropTiger and Housing.com come together to become India’s largest digital real estate company
PropTiger.com and Housing.com, two of India’s leading online real estate service providers, today announced they will come together to become India’s largest online real estate services company.
As part of the transaction, REA Group Limited (ASX: REA) will invest US$50 million in the joint entity, with an affiliate of Softbank Group Corp investing US$5 million.
News Corp remains the largest shareholder of PropTiger, and also owns 61.6% of REA Group. Representatives of REA and Softbank will join the board of the joint entity, which will continue to be chaired by a News Corp representative.
Henry Ruiz, Chief Digital Officer, REA Group, Simon Barnett, Sales Director, News Corp and Jonathan Bullock, MD, Softbank Group International will join Raju Narisetti (chair), Ravi Adusumalli from SAIF Partners and Prashanth Prakash from Accel Partners as investor directors on the board of the joint entity.
The joint entity will draw on strengths of PropTiger, Housing.com and Makaan.com to offer a unique holistic experience to consumers, real estate developments, brokers and homeowners. PropTiger is the largest online residential real estate brokerage firm, having completed transactions worth $1.5 billion since its founding in 2011, while Housing.com is India’s most popular online platform for buying and selling homes, receiving over four million visits every month.
The joint entity will be the only player in India offering the full range of online and offline services in the real estate space, such as personalized search, virtual viewing, site visits, legal and financial diligence, negotiations, property registration, home loans and post- sales service. By 2030, India is expected to be the 3rd largest real estate market in the world with the sector contributing to over 15% of national GDP. The joint PropTigerHousing.com entity is exceptionally well positioned to win the digital real estate market in India with its unique capabilities and a strong set of institutional investors, which also include SAIF Partners, Accel Partners and Nexus Venture Partners.
Source: REA Group