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VC-backed PropTiger buys local rival Makaan

  • Holden Mann
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Indian property marketing platform PropTiger, which is backed by Accel Partners, Horizen Ventures and SAIF Partners, along with News Corp, has bought online property listing and classifieds website Makaan for an undisclosed amount.

PropTiger will combine Makaan's database with its own to create "India's only truly comprehensive online real-estate platform," offering end-to-end home buying service, according to a statement. The two sites will continue to be offered as separate products for the time being.

Makaan, founded in 2007, has about 200,000 property listings in 50 Indian cities. The company is part of People Group, which also includes online matchmaking service Shaadi.com and Android app marketplace Mauj Mobile.

PropTiger has sold 12,000 homes for a total of $1.2 billion since its founding in 2011. The company helps buyers set up site visits, home loans and property registration. Earlier this month it bought Out of Box Interaction, a Bangalore-based design company that develops innovative display techniques for real estate listings.

News Corp acquired a 25% stake in PropTiger last November for $30 million. Other online real estate platforms in News Corp's portfolio include US-based Move and Australia's REA Group. Accel, SAIF and Horizen also invested $7 million in PropTiger at the time; they previously committed $5 million to the company in 2012.

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