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News Corp increases PropTiger stake to 30%

PropTiger Makaan

News Corp has raised its stake in online real estate platform PropTiger from 25% to 30%, though the terms of the deal hasn’t been disclosed. News Corp previously acquired a 25% stake in Elara, PropTiger’s parent company, after PropTiger raised $30 million from News Corp in November last year.

Other than the funding, the realty platform would be able to make use of News Corps’ digital and product expertise, especially with REA and Move. The company mentioned that with News Corp’s investment, other major shareholders SAIF and Accel Partners had also increased their stake in PropTiger.

Following the funding, News Corp Senior Vice President (Strategy) Raju Narisetti joined Elara’s Singapore-based board. PropTiger had earlier also raised $5 million from Accel Partners and SAIF Partners in April 2012.

OoBI and Makaan acquisitions
This April, PropTiger acquired Out of Box Interaction (OoBi), a user interface design firm, for an undisclosed amount to improve the user interface of its website and display real estate projects in a more immersive way.

In the same month it acquired real estate classifieds portal Makaan.com, which would continue operating as an independent entity, the company had said then. The terms of the deal and deal size had not been disclosed. Following the deal, Makaan CEO Aditya Verma would report to PropTiger co-founder & CEO Dhruv Agarwala.

City Master Plan feature to display development plans
Last week, PropTiger introduced a new feature on its platform called City Master Plan in Noida, Bangalore and Pune, which would provide home buyers access to the city’s infrastructural development plan as outlined by the government. PropTiger will be basically gather government approved plans from civic authorities and merge them with maps of localities and the properties/projects in that locality listed on its platform, to provide users access to information such as land usage (proposed and current), major roads, linkages, highway development plans, railways, metros, rivers, drains and canals.

News Corp revenues
According to its SEC filing, News Corp reported revenues of $904 million for the quarter ended March 31, 2015, down from $952 million from the same quarter last year. Its circulation and subscription revenues fell from $665 million for the quarter ended March 31, 2014 to $650 million for the quarter ended March 31, 2015.

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