Australia-based real estate advertising company REA Technologies has acquired a majority stake through a binding agreement in Singapore-based proptech company Elara Technologies which holds controlling stakes in real estate startups Housing.com, Makaan and PropTiger. Currently, REA holds a minority stake in Elara Technologies, but the deal giving it majority control in consideration for cash and newly issued shares to
Elara is the parent company of Housing, PropTiger, and Makaan, all of which operate in the real estate tech sector.
“We plan to make significant investments in Elara going forward. With over 700 Mn internet users and roughly half a billion yet to come online, our increased investment in Elara will allow REA to be at the forefront of the considerable long-term opportunities within India, and the digitisation of the real estate sector,” said Owen Wilson, CEO, REA Group.
Elara cofounder and CEO Dhruv Agarwala said that the company will be a standalone entity within REA after the deal and it will retain the current leadership team.