Real estate portal PropTiger.com and Housing.com have merged, with the combined entity raising $50 million from global online Real Estate Advertising Company REA Group and $5 million from Softbank.
SoftBank Group Corporation is a Japanese multinational telecommunications and Internet corporation.
The deal values Housing at $70 million, which was its latest valuation two months back, when Softbank put in a bridge of $5 million in the startup, two sources said. Both companies declined to divulge financial details of the deal.
PropTiger Reality Pvt. Ltd was valued at $200-$210 million taking the stock swap ratio to about 3:1, the sources said. This takes the valuation of PropTiger after the merger to close to $270-$285 million.
Housing.com is a Mumbai-based real estate search portal which allows customers to search for housing based on geography, number of rooms, and various other filters.
Housing.com CEO: Jason Kothari
Housing.com Founded: June 7, 2012, Mumbai
Housing.com acquired real estate discussion forum, Indian Real Estate Forum (IREF), for $1.2 Million and Realty BI, a risk assessment firm for realty projects, for $2 Million. Housing.com acquired HomeBuy360, a cloud-based sales lifecycle management platform, for $2 million.
PropTiger.com is an independent online real estate advisor, headquartered in the National Capital Region of Delhi (NCR). The company focuses on property advisory and loan advisory. PropTiger.com lists 156,300 real estate properties across India, and has 19 offices in 9 different cities. PropTiger.com has teams of real estate agents in Gurgaon, Noida, Mumbai, Pune, Bangalore, Chennai, Kolkata and Ahmedabad. The company has more than 300 agents, and has sold 15,000+ houses worth over Rs 10,000 crores. In September 2015, PropTiger.com shifted its headquarters from Noida to Gurgaon.
PropTiger.com CEO : Dhruv Agarwala
PropTiger.com Founded : February 2011