20 August 2018, India:
Elara Technologies which owns Housing.com, PropTiger.com, and Makaan.com has raised $35 million in debt financing from Citi Singapore.
The company will use the fresh capital to accelerate business growth by investing in brand building, product and technology, sales force, and geographic expansion.
Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com, and Makaan.com, said, “Our consistent high double-digit growth momentum and mode of financing reflect the strong fundamentals of our company. We expect this funding to catalyse our next phase of growth and build our leadership in the rapidly expanding digital real estate space in India.”
Wong Sin Ping, Global Subsidiaries Group Head of Citi Singapore, said, “India’s real estate sector is growing at a healthy pace on the back of strong overall market demand. This transaction demonstrates our confidence in Elara Technologies’ growth potential and the opportunity that we see in India’s digital real estate market over the next few years.”
Elara Technologies is a real estate advisory services Company. The company claims to be growing at a rate of more than 50% y-o-y. It is backed by News Corp and its Australia-based subsidiary firm REA as well as SAIF Partners, Softbank and Accel Partners.
(Image – Intern Theory)
