Breaking : PropTiger and Housing.com Merge; Raises $55mn from REA Group

PropTiger and Housing have merged and the combined entity aims 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.
Dhruv Agarwala, 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 to offer a unique holistic experience to consumers, real estate developments, brokers and homeowners.