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The saga of Housing.com, once a red-hot tech startup in India, has reached a conclusion of sorts after the company was sold to rival PropTiger in a deal announced this week.
Housing.com was once heralded as a trailblazer for its efforts to digitize the sale and rental of property in India. But a fall from grace, which included the ejection of its outspoken CEO and the removal of its rental business in favor of the more lucrative home sales market, has resulted in this fairly underwhelming merger.
Entity - India - Online - Estate - Services
The joint entity, which is being labeled “India’s largest online real estate services company,” will get a financial boost, to push on. Australia’s REA Group will put $50 million into its coffers, with SoftBank — which led a $90 million investment in Housing.com two years ago — providing an additional $5 million.
SoftBank aside, News Corp is another big name backer of the venture — it back PropTiger in 2014 via its first India-based deal — and it was confirmed that the media giant will remain PropTiger’s largest investor following this coming-together. REA is a News Corp-owned venture, so this investment furthers its level of skin in the game. All in all, PropTiger has raised $85...
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