<article><a href="https://www.dealstreetasia.com/?s=Citi Singapore" target="_blank" rel="noopener">Citi Singapore </a>has invested $35 million (about Rs 245 crore) in News Corp-backed <a href="https://www.dealstreetasia.com/?s=Elara Technologies" target="_blank" rel="noopener">Elara Technologies</a>, which owns Indian realty portals <a href="https://www.dealstreetasia.com/?s=Housing.com" target="_blank" rel="noopener">Housing.com</a>, <a href="https://www.dealstreetasia.com/?s=PropTiger.com" target="_blank" rel="noopener">PropTiger.com</a> and <a href="https://www.dealstreetasia.com/?s=Makaan.com" target="_blank" rel="noopener">Makaan.com</a>.</article>

<a href="https://www.dealstreetasia.com/?s=Citi Singapore" target="_blank" rel="noopener">Citi Singapore </a>has invested $35 million (about Rs 245 crore) in News Corp-backed <a href="https://www.dealstreetasia.com/?s=Elara Technologies" target="_blank" rel="noopener">Elara Technologies</a>, which owns Indian realty portals <a href="https://www.dealstreetasia.com/?s=Housing.com" target="_blank" rel="noopener">Housing.com</a>, <a href="https://www.dealstreetasia.com/?s=PropTiger.com" target="_blank" rel="noopener">PropTiger.com</a> and <a href="https://www.dealstreetasia.com/?s=Makaan.com" target="_blank" rel="noopener">Makaan.com</a>.
The investment, which is in the form of loan, will help Singapore-based Elara Technologies to invest in brand building, product and technology, sales force and geographic expansion. The company also reportedly plans to hire 150 employees to strengthen its sales team, taking the total headcount to 1,500.
&#8220;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&#8221; said Dhruv Agarwala, Group CEO of all three brands.
Apart from News Corp and its Australia-based group firm REA, Elara counts Japan&#8217;s SoftBank, Accel Partners, Saif Partners and Horizon Ventures among its investors.
&#8220;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,&#8221; Wong Sin Ping, global subsidiaries group head of Citi Singapore said.
Established in 2011 by alumni of Harvard Business School, IIT and ISB, PropTiger&#8217;s revenues reportedly grew by 40 per cent during the first half of 2018, as compared to the corresponding period last year while Makaan claimed to have seen a 300 per cent revenue growth in the first half of 2018 as compared to the same period last year.
Moreover, PropTiger has expanded to nine cities with 18 offices and have already helped more than 18,000 customers in buying properties worth over $1.5 billion, according to its LinkedIn profile.
Another group company, Housing.com, was recently reported to have more than doubled its revenue in fiscal year 2018. Besides, the company also claimed to have registered a 77 per cent growth in revenue on a yearly basis in the first quarter of the current fiscal.
Elara Technologies had bought Housing.com in January last year. Housing.com competes with 99acres.com and Magicbricks.com in real estate classified business.
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The investment, which is in the form of loan, will help Singapore-based Elara Technologies to invest in brand building, product and technology, sales force and geographic expansion.

Citi to extend $35m loan to owner of Indian portals PropTiger, Housing & Makaan

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Citi to extend $35m loan to owner of Indian portals PropTiger, Housing & Makaan

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