Rupert Murdoch led News Corp has decided to hike its stake in the Singapore based company Elora Technologies to 30 %, from earlier 25%, by acquiring an additional stake of 5%. Elora Technologies is the parent company of the real estate portal, PropTiger.com and News Corp acquired 25% of its stake in November 2014 for $30 million. However, the terms of the deal remains undisclosed till the filing of this report.
Post the investment of $30 million last year, PropTiger has acquired design firm Out of Box Interaction (OoBI) and its rival Makaan.com, which was once considered as India’s no. 1 online property portal.
Senior VP for strategy at NewsCorp, Raju Narisetti says, “We strongly believe the combination of PropTiger.com and Makkan.com is best poised to be the dominant digital real-estate platform in India for years to come.”
Other major shareholders in Elora includes-SAIF Partners and Accel Partners, which too had increased their shareholdings as part of the News Corp investment in November last year, remain key backers of PropTiger.