MUMBAI - Indian online real estate
services providers PropTiger.com and Housing.com will merge to
create what the companies said would be the biggest player in
the segment, accelerating a consolidation in the sector.
News Corp is the biggest shareholder of PropTiger,
while SoftBank Group Corp is the largest investor in
As part of the deal, Australia's REA Group Ltd,
61.6 percent owned by News Corp, will invest $50 million in the
combined entity, while an affiliate of SoftBank will invest $5
million, PropTiger and Housing.com said in a joint statement on
Housing.com, once billed as one of India's most promising
start-ups, has been struggling with losses and a management
shake-up. The company fired its founding chief executive in 2015
after he was involved in a public spat with venture capital
Housing.com's current CEO, Jason Kothari, will leave the
company after the deal, while PropTiger co-founder and CEO
Dhruv Agarwala will head the joint entity, the companies said.
In January last year, online classifieds company Quikr
bought CommonFloor.com and merged it with its real estate
vertical QuikrHomes. In 2015, PropTiger had acquired Makaan.com.