REA Group Ltd announced on October 29 that it has entered into a binding agreement to acquire a controlling interest in Elara Technologies Pte. Ltd, owner of Housing.com, PropTiger.com and Makaan.com, in a deal that includes cash and newly issued REA shares. The transaction is expected to close in the current quarter, subject to confirmatory due diligence, said a press release.
India is important in REA Group’s integrated global strategy and the business plans to continue to invest in Elara to create the country’s leading digital real estate business.
Owen Wilson, CEO of REA Group, said, “India is an incredibly attractive market and one that provides excellent long-term growth opportunities, while complementing REA’s footprint in Australia, Asia and North America. The country is forecast to deliver strong growth over the next decade as it continues to experience rapid digital transformation.
“We plan to make significant investments in Elara going forward. With over 700 million internet users and roughly half a billion yet to come online, our increased investment in Elara will allow REA to be at the forefront of the considerable long-term opportunities within India, and the digitisation of the real estate sector,” he added.
Elara will continue to operate as a stand-alone entity within the REA Group structure. Dhruv Agarwala, co-founder and CEO, along with the current leadership team, will continue to lead the company.
“We are delighted with REA’s increased involvement in our business and the ability to collaborate more closely. I remain excited about the digital real estate opportunity in India and we are committed to our unique full-stack strategy as we focus on building leadership,” said Agarwala.