News Corp has announced that it has raised its stake in the Elara Technologies, the parent company of online real estate portal PropTiger.
The terms of the deal were not disclosed, but News Corp has increased its stake in Elara to about 30%, up from 25% with an investment of $30 million in November 2014.
Since the investment last year, PropTiger has acquired design firm Out of Box Interaction (OoBI) and rival Makaan.com to take on CommonFloor, Housing and MagicBricks.
With India’s Internet and Property sectors booming, the time is ripe for online real estate portals. We’ve seen massive rounds of funding and a lot of consolidation in the market.
PropTiger is one of the many bets News Corp is making in the online real estate sector, with the firm having investments in Australia’s REA Group (realestate.com.au), US OperatesRealtor and luxury real estate portal MansionGlobal.