News Corp Buys 25 Percent Stake in Indian Real Estate Site Operator
In its latest real estate site deal, Rupert Murdoch's company pays $30 million for a stake in the parent of PropTiger.com
Rupert Murdoch's News Corp said late Monday that it has acquired a 25 percent stake in Elara Technologies, the parent company of PropTiger.com, a digital real estate platform in India.
The company paid $30 million for its latest real estate-related deal.
"News Corp’s investment continues the acceleration of its global digital footprint with an emphasis on India, where the company also has a presence through its Dow Jones, Wall Street Journal and HarperCollins Publishers businesses," the media company said.
News Corp recently agreed to acquire Move, the operator of realtor.com, for $950 million. News Corp also has a 61.6 percent stake in REA Group, operator of Australian residential property site realestate.com.au. REA has a stake in iProperty, a digital real estate advertising business that focuses on markets across Southeast Asia.
"India has more than 270 million Internet users, and the number is growing exponentially," said News Corp CEO Robert Thomson, who has previously emphasized his interest in digital media acquisitions. "There is no doubt that the development of digital is empowering individuals and transforming industries, and we are extremely enthusiastic about the potential for PropTiger.com as the country fulfills its digital destiny."
At least 10,000 properties, with a combined value of more than $1 billion, have already been purchased by Indian homebuyers through PropTiger.com, according to the firm.
Among the site's other investors are venture firms Accel Partners, SAIF Partners and Horizen Ventures. Raju Narisetti, News Corp senior vp strategy, will join Elara’s Singapore-based board of directors.