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Analysis

Housing and PropTiger parent Elara gets loan of $35 million

Aug 20, 2018 by Rashi Varshney
Housing and PropTiger parent Elara gets loan of $35 million

Elara Technologies, the parent organization of real estate portals, Housing.com, PropTiger.com, and Makaan.com, has received USD 35 million as debt from Citi Singapore bank, the News Corp-mentored company said in a statement.

Dhruv Agarwala, group CEO, Housing.com, PropTiger.com, and Makaan.com, said, the funds will support the next phase of growth in digital real estate space in India. The company added that it would use the fresh capital for brand building, upgrading product & technology, pushing up sales and for geographic expansion.

In 2017, the company had tapped international markets across China, USA, Australia, Indonesia, Malaysia, Singapore, Thailand, Hong Kong and Macau by collaborating with REA Group’s Global Property Network which operates portals such as realtor.com, realestate.com.au, and iproperty.com.my.

Starting with PropTiger.com in 2011, Elara Technologies acquired Makaan.com in May 2015, and Housing.com in 2017. Besides News Corp--which has 30% stakes in Elara--the company is backed by investors including Saif Partners, Accel Partners and RB Investments.

While PropTiger lists newly built properties, Makaan.com deals with buying and selling of pre-owned properties. Housing.com is a classified platform for developers, brokers and property owners.

Elara further said it will introduce a range of new products this year to further strengthen its customer offerings on Housing.com

The company also revealed several milestones attained by its platforms:

  • Housing.com's revenue has doubled in FY 2018, with 110% growth in revenue and 75% growth in traffic.
  • Since inception, the PropTiger.com team has facilitated the sales of approximately 20,000 homes worth around USD 2 billion. The platform is expected to turn profitable within the current fiscal
  • Makaan.com lists 9,00,000 properties and 10,000 active sellers. The portal has witnessed a 300% growth in revenues in H1 2018 over the same period last year.

Elara competes with the likes of Commonfloor.com, Quikr Homes, Info Edge’s 99acres.com and Times Internet’s Magicbricks.com.

Rashi Varshney

Rashi Varshney is a Delhi-based tech reporter. She focuses on emerging Indian startups and unicorns. She can be reached at rashi.varshney@thepassage.cc

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