Housing’s parent company Elara Technologies raises ₹244 crores from Citi Singapore

Must Read

Sanju Samson to replace Shikhar Dhawan in T20 series against WI

Sanju Samson will replace injured Indian opener Shikhar Dhawan in the T20s series against West Indies starting from next...

Supreme Court lashes out on Centre & Delhi govts for Rising Pollution

The Apex Court of the Country, the Supreme Court on Monday lashed the Central and State Government for their...

Harbhajan Singh wishes BCCI Prez Sourav Ganguly to change Selection Panel

The Indian off-spinner Harbhajan Singh on Monday urged Sourav Ganguly, President of BCCI (The Board of Control for Cricket...

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.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Integrated logistics startup Allcargo buys controlling stake in Gati for around INR 416 cr

Marking its foray into the express logistics race, Allcargo, an integrated logistics startup, has reportedly bought a majority stake...

Punjab govt looks to set up INR 100 cr startup fund to support MSMEs, entrepreneurs

With a view to support the Indian startup ecosystem, the Punjab government is looking to set up an INR 100 crore startup fund to...

Govt to deploy bigger funds for startup to boost Startup India scheme, says Piyush Goyal

In order to surge the Startup India scheme, which was started by Prime Minister Narendra Modi, the Commerce and Industry Minister, Piyush Goyal, said...

Govt orders e-commerce unicorns Amazon, Flipkart to submit annual compliance reports as per FDI norms

Stating stiff laws against violation of foreign direct investment (FDI) by the e-commerce platforms such as Amazon and Flipkart, the government has now made...

Disney to make a spin-off of ‘Aladdin’ character Prince Anders

The Walt Disney Studio is developing a spin-off from one of its live-action remakes, marking it for the first time, according to The Hollywood...
- Advertisement -

More Articles Like This