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News Corp raises stake in PropTiger.com to 30 per cent
Media mogul Rupert Murdoch-led News Corp has raised its stake in the Singapore-based Elara Technologies Pte, the parent company of real estate portal PropTiger.com.
News Corp had acquired 25 per cent stake in Elara in November 2014 for $30 million but terms of the transaction through which its stake has increased to about 30 per cent were not disclosed.
After the investment by News Corp, PropTiger had acquired digital design startup Out of Box Interaction (OoBI) and property search portal Makaan.com.
“We strongly believe the combination of PropTiger.com and Makaan.com is best poised to be the dominant digital real-estate platform in India for years to come,” said Raju Narisetti, Senior Vice-President, Strategy, for News Corp.
“News Corp’s increased stake is a validation of PropTiger’s strategy to win a growing share of the digital real estate market in India through our unique service offerings and an end-user experience that is second to none,” said Dhruv Agarwala, co-founder of PropTiger.com.
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