PropTiger.com owned by News Corp and Housing.com owned by the SoftBank Group have announced that they will come together to become India’s largest online real estate services company.
And there’s plenty of fresh investment involved in the move as well. REA Group will add $50 million in the joint entity while an affiliate of SoftBank will invest $5 million making the round of funding, the largest investment in India’s digital real estate sector since the past two years.
The largest shareholder in Property Tiger, News Corp, will continue to reign since it also owns 61.6 percent of REA Group that is bringing fresh investments into this space.
PropTiger.com CEO and co-founder, Dhruv Agarwala will now serve as CEO of the new joint entity. Housing.com CEO Jason Kothari has decided to move on and pursue other opportunities. He will however, continue to be an advisor to the new joint entity through the end of February 2017.
With India expected to be the 3rd largest real estate market in the world by 2030, the joint entity will see PropTiger.com and Housing.com help with the others short coming offering a unique service that will be the only player in India to offer a complete range of online and offline services in the real estate space.
The news about the venture comes shortly after Flipkart announced a management reshuffling, assigning Sachin Bansal to group CEO, while US hedge fund, Tiger Global’s Kalyan Krishnamurthy takes over as new CEO, after recently resuming work at Flipkart back in July.