Singapore-based proptech company Elara Technologies has infused INR 14.3 Cr in three Indian proptech subsidiaries — Housing, PropTiger and BroEx.
According to the ministry of corporate affairs (MCA) filings accessed by Inc42, Elara has infused INR 5.84 Cr, INR 5.5 Cr, and INR 3 Cr in BroEx, PropTiger and Housing respectively.
As part of the transaction, BroEx, PropTiger and Housing have issued 29,595, 6526, and 42733 shares to Elara respectively. Price per share for these three deals stood at INR 1,843, 8,427, and 670 respectively.
Elara had raised $70 Mn in January 2020 from its existing investors NewsCorp and REA Group. Elara Technologies had said that it will be utilising the funds to accelerate growth, develop new products and technology and expand its sales team.
Since then the company is infusing the funds to its Indian entities. Prior to this, Elara had infused a total of INR 42.2 Cr in Housing and PropTiger in February 2020. In the past, Elara had secured a credit facility of $35 Mn from Citi Singapore as well.
Founded in 2011, Elara is the parent company of proptech platforms Housing.com, PropTiger and Makaan. While PropTiger was developed by Elara, the company had acquired Makaan and Housing in May 2015 and January 2017 respectively.
In April 2019, Elara had also acquired Gurugam-based tech-enabled rental brokerage platform FastFox which also runs the BroEx platform. With the acquisition of FastFox, Elara had planned to go beyond search and discovery for home rentals on its platforms and add BroEx’s on-ground assistance to both landlords and home seekers. Meanwhile, Elara had merged the FastFox platform with Housing.
Elara’s firm PropTiger acquired Delhi-based premium office space aggregator/platform CBIX in a deal worth approximately $4.7 Mn in August 2018.
Meanwhile, Housing has recently added co-living spaces and paying guest properties to its service portfolio. The company has partnered with organised players such as OYO Life and Zolo to onboard properties in 12 Indian cities.
According to IBEF, the real estate market in India is pegged to touch $180 Bn by 2020, with the housing sector alone contributing 11% to the country’s GDP. It also estimates that 35% of the population is in the young age bracket (15-35 years) which is further driving the online real estate industry in India.
In India’s proptech space, Elara’s subsidiary companies compete with startups such as Square Yards, Times Group-backed MagicBricks, 99acres, among others. Recently, Square Yards acquired property management and rental platform Azuro.