On 6th January, a raise of $70 million has been announced by Elara Technologies, a Singapore-based real estate tech and advisory company which owns, Makaan. Com, PropTiger.com and Housing. Com. The fund is has been reportedly gained from its existing investors NewsCorp and Rea Group.
As per the media, the company has stated that it will use the raised amount in accelerating growth, developing new products and technology and expanding its sale team. Whereas the company d growing at 30% YoY, it is looking forward to explore more avenues in the coming days.
However media tried to gather more facts about this but Elara Technologies refused to comment on the matter.
Dhruv Agarwal is known to have confounded Elara Technologies in 2011. He has been responsible for the launch of PropTiger.com in the same year. It was in May 2015 when the company acquired Makaan.com. Housing.com was however acquired IN January 2017. A rumour in Aug, 2018 suggested that the Delhi-based office space aggregator CBIX got acquired by the company for $4.7 Mn. Notably in 2019, Gurugram based tech-enabeld rental brokerage platform FastFox got acquired By Elara Technology at a valuation just under INR 100 Cr.
A full range of online to online (O2O) real estate services are offered by Elara Technologies which include Virtual viewing, personalized search, legal and financial diligence, sales services, home loans and more. Nevertheless as per the company’s claims they have developed PropTiger, a unified technology platform which provides services to all kind of consumers, brokers and developers in terms of selling, buying and renting of real estate properties across India.
A credit facility of $35 Mn got secured FROM Citi Singapore by Elara Technology In August 2018. The capital infusion is reportedly in the form of a convertible note which is said to cover for its previous debt funding raised from Citi Singapore. All in all the company has raised a funding of $175 Mn till date. According to their claims, they are backed by investors like ACCEL SAIF, SoftBank and Citi Singapore.
According India Brand Equity Foundation (IBEF), with the housing sector solely contributing 11% to the Country’s GDP, The Indian real estate market is reportedly expected to reach $180 Bn by 2020. The young population which fall in the age bar of 15 to 35 years will be responsible for driving the growth of the online real estate market.