Singapore-based digital real estate marketing company, Elara Technologies has secured around ₹244 crores ($35 million) from Citi Singapore. Elara Technologies owns and operates Housing.com, PropTiger.com, and Makaan.com in India.
The fresh infusion of funds will be used to expand and build a leadership position in the growing digital real estate space in India by investing in product & technology, sales force, and geographical expansion.
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.”
The company claims to be growing at a rate of more than 50% year-on-year. According to the company, Housing.com is on a strong growth trajectory, as it registered a 77% growth in collections in the current fiscal, Q1 of 2018-19.
Also, its another subsidiary, PropTiger.com, registered a significant growth in traffic during the first half of the calendar year 2018. Compared to the H1 2017, its revenue spiked by 40% during H1 2018. Makaan.com also registered a giant growth rate of 300% in revenue in H1 2018, compared to the previous year.
According to an IBEF report, the Indian real estate market is expected to reach $180 billion by 2020, and the housing sector is expected to contribute around 11% to the country’s GDP alone.
With the fresh investments, the company is looking to establish itself in India as the real estate sector grows at a significant rate.
Other players in the Indian real estate domain include Quikr, it had acquired two startups in the rental space, Grabhouse and CommonFloor, along with the Indian hospitality giant Oyo.