PropTiger and Housing.com Come Together

03/03/2017 , by , in News/Views

PropTiger and Housing.com Come Together

PropTiger.com and Housing.com, two of India’s leading online real estate service providers, have 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 Soft Bank 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.DhruvAgarwala, co-founder and CEO of PropTiger, will serve as CEO of the joint entity. Jason Kothari, CEO of Housing.com, has decided to move on to pursue other opportunities in the Indian Internet space. He will continue to be an advisor to the joint entity through the end of February, 2017.

The joint entity will draw on strengths of PropTiger, Housing.com and Makaan.com. The joint entity will be the only player in India offering the full range of online and offline services in the real estate space.

Another major highlight of the deal is the strategic investment by REA Group,the leading digital real estate company in Australia in the combined entity.  REA in February 2016 had acquired iProperty, which leads the industry in Malaysia and has a significant presence in Hong Kong, Indonesia and Thailand. REA also owns a significant stake in Move, Inc., that operates realtor.com, the second largest digital real estate company in the US.The new investment in the PropTiger-Housing.com combination is another step in REA Group’s strategy, along with News Corp, to become market leaders in Asia.

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