Delhi based reality state portal Proptiger.com backed by News Corp has acquired Makkan.com for an undisclosed amount.
News Corp is a New-York based global media and information Services Company. It has acquired a significant minority stake (25%) in the parent company of PropTiger.com in November 2014 for USD 30 million. Proptiger.com’s other major investors include SAIF Partners, Accel Partners and Horizon Ventures.
PropTiger is owned by Elara Technologies Pte Ltd and Makaan.com is owned by Makaan.com Pvt. Ltd.
As per the company, both parties have entered into a transaction, which brings Makaan.com and PropTiger.com platforms together, creates India’s only truly comprehensive online real-estate platform, one that will offer end-to-end services to home buyers, real estate developers, property brokers, banks and private equity investors. Terms of the transaction were not disclosed.
Proptiger.com founded in the year 2011. Since 2011, some 12,000 homes worth US$ 1.2 billion have been purchased through the Proptiger.com platform. It has a team of over 500 people including engineers, product experts and property advisors in eight major Indian cities.
Makkan.com founded in the year 2007. As per the company, makkan.com has around 200,000 active property listings and relationships with 40,000 brokers in 50 Indian cities. Some 40% of Makaan.com’s traffic comes from mobile, which is the fastest growing gateway to Internet for users in India. It has one of the best consumer engagement and conversion rates in the industry.
Last month, proptiger also announced the acquisition of Bangalore-based Out of Box Interaction (OoBI), a pioneering digital interaction design company that specializes in displaying real estate projects in an efficient and immersive way, which allow proptiger to improve the user interface of its website and to display real estate projects in a more immersive way..
Post acquisition, Makkan.com CEO Aditya Verma will now report to Proptiger’s cofounder and CEO Dhruv Agarwal.