Real estate portals PropTiger.com and Housing.com announced that they have merged to form India’s largest online real estate services company.
Masayoshi Son’s SoftBank is the biggest investor in Housing.com and Rupert Murdoch’s News Corp is the largest shareholder in PropTiger.com.
“We are excited to join hands with Housing.com. The timing of this deal is just right,” said Dhruv Agarwala, co-founder of PropTiger in a statement. He will serve as CEO of the joint entity. The company said that Jason Kothari, CEO of Housing.com has decided to move on to pursue other opportunities in the Indian Internet space.
REA Group Limited, an Australian real estate firm owned by News Corp, is investing $50 million in the joint entity, according to the statement. It also said that an affiliate of SoftBank is putting $5 million in the entity.
“India is an important part of our international growth strategy,” said REA Group chief executive Tracy Fellows in a statement.
By 2030, India is expected to be the third largest real estate market in the world with the sector contributing to over 15 per cent of the national gross domestic product. News Corp chief executive Robert Thomson said that with 1.2 billion people and a rapidly growing economy and middle class, India’s future as a “real estate powerhouse is exceptionally bright.”