Housing.com to merge with PropTiger in India
10 Jan 2017
As expected, PropTiger.com today announced a merger with Housing.com, which claims to be India’s second-largest real estate site by revenue. The new entity will receive an infusion of $55 million U.S. from its investors.
PropTiger is backed by News Corp., SAIF partners and Accel Partners. REA Group Ltd., majority-owned by News Corp., will be investing about $50 million. Another $5 million will come in from an affiliate of SoftBank Group Corp., which had invested almost $120 million into the company since November 2014. The site launched in 2012.
Dhruv Agarwala, founder and CEO of PropTiger, will head the merged entity, while Housing.com CEO Jason Kothari will leave the company, but will stay on as an advisor, the companies said in the news release.
Housing.com was one of the most bizarre corporate stories in the world in 2015. Founder Rahul Yadav left the company, returned and was then fired by the board of directors. The company laid off about a quarter of its staff and shut down a number of business units after the chaotic months.
PropTiger will compete with MagicBricks.com, owned by the parent company of the Times of India; 99Acres.com, owned by publicly traded Info Edge (India), QuikrHomes.com and other regional and local real estate sites throughout India.
The merger announcement said the joint entity will be the only company in India offering a full range of online and offline real estate services, including personalized search, virtual viewing, site visits, legal and financial diligence, negotiations, property registration, home loans and post-sales service.