Indian Real Estate Website PropTiger Gets Investment From News Corp

Indian Real Estate Website PropTiger Gets Investment From News Corp
News Corp. says it has invested in a real estate website in India as it tries to grow its digital business.

The New York-based media company, which is controlled by Rupert Murdoch, owns the Wall Street Journal newspaper and HarperCollins book publisher and runs the real estate website realtor.com.

News Corp. said Monday that it paid $30 million (approximately Rs. 185 crores) for a 25 percent stake in Elara Technologies Pte Ltd., which owns the Indian website, PropTiger.com. A News Corp. executive will join Elara's Singapore-based board.

Last year, News Corp. split its newspaper and publishing business from its more-profitable broadcast and entertainment operations, now called 21st Century Fox Inc.

Earlier this month, Japanese telecom giant SoftBank was reported to have invested in another Indian real estate website, Housing.com.

Housing.com is said to be valued at about $250 million (approximately Rs. 1,500 crores), in which SoftBank will reportedly acquire a 30 percent stake with an investment of $70 million (approximately Rs. 430 crores).

The report said $250 million was a 'pre-money' valuation, and it would be substantially higher 'post-money'. As yet, both Housing.com and SoftBank have not commented on the reports.

Last month, SoftBank had highlighted India was a priority in its aggressive expansion overseas. The company had agreed to buy a $627 million (approximately Rs. 3,800 crores) stake in Indian online retailer Snapdeal, and a $210 million investment in ANI Technologies (which operates Ola Cabs).

Written with inputs from AP

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