Online real estate portals Housing.com and PropTiger have merged for an undisclosed valuation. Dhruv Agarwala, who is the CEO of PropTiger, will continue as the CEO of the merged entity, while both the brands will operate separately.
PropTiger is backed by Rupert Murdoch led News Corporation. REA group, which is in the online real estate advertising business, shall invest $50 million, while Softbank shall invest $5 million in the new entity.
Housing.com had earlier signed a revenue sharing agreement with PropTiger for all its transaction services. This, many industry analysts believe, was the first step towards the acquisition of the company.
The deal comes a year after CommonFloor was acquired by Quikr.com. Jason Kothari, who was the CEO of Housing after the ouster of Rahul Yadav, will now be leaving the company. He will be with the new company for 2 months after the merger for guiding Dhruv Aggarwala.
PropTiger is a company that believes in providing end to end solutions to customers for all their housing needs. This includes arranging house discovery, final purchase, arranging site visits, helping users with home loans and property registrations, etc. Housing.com had limited itself to just the process of house discovery. Housing will get an upfront marketing fee for the house discovery service it gives to PropTiger.
Housing was one of the hottest startups in India at one point of time, but it soon lost its sheen when its charismatic founder Rahul Yadav left.