Singapore-based Elara Technologies, which owns a few India-based real estate startups including Housing, PropTiger, and Makaan, has secured $35 million from Citi Singapore. The company says that it’ll use the funding to accelerate business growth.
It’ll be spending money on brand building, product and technology, sales force and geographic expansion. Currently, the company claims to be growing at a rate of more than 50 percent year-on-year.
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.”
Commenting on the development Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com, and Makaan.com, said, “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.”
Elara Technologies has raised $105 million so far from investors as equity and this is for the first time that the company is raising debt, he added. Agarwala expects that this funding would catalyse the next phase of growth and build its leadership in the rapidly expanding digital real estate space in India.
The company had first founded PropTiger.com in 2011 and then acquired Makaan.com in May 2015. In a major consolidation in the Indian online real estate business, Elara had acquired Housing.com in January 2017, a start-up founded in 2012 by around dozen IIT graduates.
While, PropTiger helps developers in selling flats available in primary market, Makaan.com largely deals in buy-sell of re-sale properties. Housing.com is a classified platform for developers, brokers and home-owners.
On the operation front, Elara said that the revenues of Housing.com more than doubled in the fiscal year 2018, helping it become one of the top three players in the digital real estate classified business.