Singapore-based real estate tech and advisory company Elara Technologies, which owns Housing.com, PropTiger.com and Makaan.com, on Thursday (January 6), has raised $70 Mn from its existing investors NewsCorp and REA Group.
Inc42 reached out to Elara Technologies for more details about the funding, however, the company refused to comment on the matter.
According to media reports, Elara Technologies said that it will be utilising the funds to accelerate growth, develop new products and technology and expand its sales team. Elara Technologies which is growing at 30% year-on-year (YoY) also plans to explore newer avenues in the coming days.
Elara Technologies was cofounded by Dhruv Agarwal in 2011 and also launched PropTiger.com in the same year. In May 2015, the company acquired Makaan.com and in January 2017, it acquired Housing.com. In August 2018 there was also a rumour that the company had acquired Delhi-based office space aggregator CBIX for $4.7 Mn. In 2019, it acquired Gurugram-based tech-enabled rental brokerage platform FastFox at a valuation just under INR 100 Cr ($14.2 Mn)
Elara Technologies offers a full range of online to offline (O2O) real estate services, including personalised search, virtual viewing, legal and financial diligence, home loans, sales services and more. Moreover, the company claims to have developed a unified technology platform (PropTiger.com) that services all kinds of consumers, developers and brokers, in terms of buying, selling and renting of real estate properties across India.
In August 2018, Elara Technology had secured a credit facility of $35 Mn from Citi Singapore. The recent capital infusion is in the form of a convertible note that is said to cover its previous debt funding raised from Citi Singapore. In total, Elara Technologies to date has raised $175 Mn in funding. The company also claims to be backed by investors like SAIF, Accel, SoftBank and Citi Singapore.
The Indian real estate market is expected to touch $180 Bn by 2020, with the housing sector alone contributing 11% to the country’s GDP, as per India Brand Equity Foundation (IBEF). The growth of the online real estate market is expected to be driven by the young population which is of average age group (15-35 years), the report added.