proptigerNew York based global media and information services company News Corp has acquired minority stake in Elara Technologies Pte Ltd, parent company to online real estate portal PropTiger.com for US$30 million. Existing investors SAIF Partners, Accel Partners and Horizen Ventures, have agreed to add another US$7million to their current investment.
News Corp owns Move, Inc., operator of realtor.com. In addition, News Corp has a 61.6% stake in REA Group Limited (“REA”), operator of Australian residential property website, realestate.com.au. REA also has a substantial stake in iProperty, a real estate advertising business across South East Asia.
“We are delighted to have News Corp as our partner.  Under the leadership of Executive Chairman Rupert Murdoch and Chief Executive Robert Thomson, News Corp brings digital real estate know-how, product experience and content expertise that will help us drive product innovation, customer engagement and traffic growth,” said Dhruv Agarwala co-founder of PropTiger.com.
In connection with the investment, Raju Narisetti, Senior Vice President, Strategy at News Corp has joined the board of PropTiger.com’s Singapore-based parent company, Elara Technologies Pte Ltd.
PropTiger which earlier raised ~$5mn led by SAIF and Accel was founded in February 2011 by Agarwala and Kartik Varma, classmates from Harvard Business School, along with Prashan Agarwal, an alumnus of the Indian Institute of Technology and the Indian School of Business. PropTiger.com has a presence in the major real estate markets in India.

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