In its maiden debt funding, Elara Technologies — the owner of Housing.com, PropTiger, and Makaan.com — has raised $35 million from Citi Singapore. The Singapore-based company is backed by NewsCorp‘s REA Group.

Elara Technologies had so far raised $105 million in equity funding, and the latest debt funding is the first of its kind for the conglomerate.

Housing.com-LogoThe company intends to use the capital to accelerate business growth. A major chunk of it will be pumped into brand building, product and technology, sales force and geographic expansion, the Economical Times reports.

CEO Dhruv Agarwala (LinkedIn profile) recently announced that Housing.com had doubled its revenues in FY18.

Speaking about the latest debt funding, Agarwala said he expects it to catalyze the company’s next growth phase. He asserted that the company’s consistent, high, double-digit growth momentum and mode of financing reflect the strong fundamentals of the company, alluding to an earlier claim of 50 percent year-on-year growth rate.

According to Inc42, Citi Singapore group head Wong Sin Ping has expressed delight over the healthy growth of India’s real estate sector. He believes the funding reflects the confidence Citi Singapore has in Elara Technologies’ growth potential.

Both Agarwala and Ping agree on the potential and the opportunity presented by the growing Indian real estate sector.

Elara Technologies is likely to add 150 members to its sales and technology workforce.

According to Agarwala, Housing.com has achieved 110 percent revenue growth and 75 percent traffic growth in the last fiscal year. This is accompanied by a 77 percent year-on-year revenue growth in the first quarter of FY18-19.

As for PropTiger, it boasts 93 percent traffic growth and 40 percent revenue growth in the first half of 2018. Makaan.com, on the other hand, registered 300 percent business growth in the first half of 2018.

Elara Technologies’ real estate verticals face stiff competition from 99Acres and MagicBricks. Horizontals OLX and Quikr also have a strong presence in the sector.

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