Diversified media and information services company News Corp has raised its stake by 5 per cent in the Singapore-based Elara Technologies, parent company of online real estate services portal PropTiger.com Terms of the transaction, which increased News Corp's stake in Elara to about 30 per cent, were not disclosed.
News Corp had first acquired a 25 per cent stake in Elara in November 2014 for about USD 30 million. PropTiger has since acquired digital design startup- Out of Box Interaction (OoBI) - as well as adding property search portal Makaan.com to its industry-leading portfolio of offerings and capabilities.
“While India's real estate sector continues to work its way through challenging macro conditions, we remain very optimistic, not only about India's long-term potential but also about the management team of PropTiger in its ability to execute, rationally and deliberately,” News Corp Senior Vice President, Strategy, Raju Narisetti who also chairs Elara's Singapore-based board, said.
SAIF Partners and Accel Partners are the other major shareholders in PropTiger.
Meanwhile, News Corp owns a 62 per cent stake in REA Group, which operates Australian property website, realestate.com.au.
It also owns Move Inc, which operates US-based real estate listing company realtor.com.
It also recently incubated MansionGlobal.com, a global luxury real estate website.
