Housing.com, PropTiger to merge?
26 Dec 2016
Housing.com, the troubled Indian site that is primarily owned by Japanese investor Softbank, may merge soon with PropTiger.com, owned in part by media giant News Corp., BloombergQuint reported today.
The report said “four people aware of the development” were its sources, and “the two companies are working on final documentation.” It said the merger is expected within two months.
Both companies are second-tier real estate sites, behind MagicBricks.com, owned by the Times of India parent Bennett, Coleman & Co. Ltd., and 99Acres.com, owned by classified advertising leader Info Edge (India).
Housing.com launched in 2012 but ran into trouble in mid 2015 when founder Rahul Yadav donated his shares to the company’s employees, quit, returned and finally was fired by the board of directors. It laid off 800 employees during 2015 in a return-to-our-roots effort to focus on property sales, but announced this December that it would bring rental properties back onto the site.
PropTiger made several acquisitions in 2015 and 2016, including Makaan.com, another real estate site; 3DPhy, a virtual reality tool, and PropRates, a valuation service based in Mumbai. Its parent company is Elara Technologies of Singapore; News Corp. held a 30 percent stake in the company as of July 2015. News Corp. also owns Move Inc. in the United States, operator of Realtor.com, and a majority interest in REA Group of Australia.