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PropTiger.com, the online realty services firm backed by media magnate Rupert Murdoch, has acquired rival Makaan.com for an undisclosed amount, to expand its presence in the secondary property market.
Earlier this month, PropTiger had acquired Bengaluru-based Out of Box Interaction (OoBI), a digital interaction design company. Wednesday's deal has happened through Elara Technologies, parent firm of PropTiger.
"Our parent firm has acquired Makaan.com, which will keep operating as a separate portal. No fresh funds were raised for this acquisition," said PropTiger co-founder Dhruv Agarwala.
Last November, the Murdoch-led News Corp had acquired 25 per cent stake in PropTiger for $30 million (Rs 185 crore), as part of a strategy to expand presence in digital media. Elara's other investors include SAIF Partners, Accel Partners and Horizon Ventures.
"Makaan has a strong presence in the property resale market, while PropTiger is strong in the primary market. Makaan has 40,000 brokers across 50 major cities, having dominance in the secondary market. That's where the synergy will flow from,” said Agarwala.
Since 2011, around 12,000 homes worth $1.2 billion have been purchased through PropTiger's platform, the company says.
PropTiger also provides real estate consulting and data services to developers, private equity investors and banks. Its proprietary database contains information and transaction data on residential real estate in 20 major Indian cities. Makaan.com has around 200,000 active property listings and relationships with 40,000 brokers in 50 cities. It was founded within People Group by entrepreneur and investor Anupam Mittal, whose other digital ventures include Shaadi.com and Mauj Mobile.
With the latest transaction, Aditya Verma, chief executive at Makaan, will report to Agarwala.
