PropTiger, Housing.com merger to offer a holistic experience to consumers
In a major consolidation in the online realty space, PropTiger.com and Housing.com have merged to create India's largest online real estate services company and the joint entity that will raise US $55 million of fresh investment.The joint entity will draw on strengths of PropTiger, Housing.com and Makaan.com to offer a unique experience to real estate developments, brokers and homeowners. REA Group Ltd has invested US $50 million in the joint entity with an affiliate of SoftBank Group Corp, investing US $5 million.News Corp remains the largest shareholder of PropTiger, and also owns 61.6 percent of REA Group. Representatives of REA and SoftBank will join the board of the joint entity, which will continue to be chaired by a News Corp representative. DhruvAgarwala, co-founder and CEO of PropTiger, will serve as CEO of the new entity. Jason Kothari, CEO of Housing.com, continues to be an advisor to the joint entity till February.Henry Ruiz, Chief Digital Officer, REA Group, Simon Barnett, Sales Director, News Corp, and Jonathan Bullock, MD, SoftBank Group International join RajuNarisetti (chair), Ravi Adusumalli from SAIF Partners and PrashanthPrakash from Accel Partners as investor directors on the board of the joint entity.
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