Elara had raised $70 Mn in January 2020
The corporate had mentioned that it is going to be utilising the funds to speed up progress for its actual property performs
The contemporary funds are anticipated to assist the businesses develop co-living and paying visitor enterprise
Singapore-based proptech firm Elara Applied sciences has invested a complete of INR 20 Cr in Housing and PropTiger, its two Indian subsidiaries.
In line with the ministry of company filings (MCA) accessed by Inc42, Housing has issued 2,15,440 shares at a face worth of INR 30 with a premium of INR 670 per share value INR 15.08 Cr. Equally, PropTiger has issued 5958 shares at a face worth of INR 10 with a premium of INR 8427 per share value INR 5.02 Cr.
The infusion in Indian entities of Elara has come after it had raised $70 Mn, in January 2020, from its present traders NewsCorp and REA Group. Elara Applied sciences had mentioned that it is going to be utilising the funds to speed up progress, develop new merchandise and know-how and develop its gross sales crew.
Based in 2011, Elara is the guardian firm of proptech platforms Housing,com, PropTiger, and Makaan. Whereas PropTiger was developed by Elara, the corporate had acquired Makaan and Housing in Might 2015 and January 2017 respectively. Housing has lately added co-living areas and paying visitor properties to its service portfolio. The corporate has partnered with organised gamers equivalent to OYO Life and Zolo to onboard properties in 12 Indian cities. The current infusion can also be anticipated to assist the startup to develop the co-living and paying visitor enterprise.
In addition to Housing and PropTiger, Elara Applied sciences additionally operates different proptech platforms equivalent to Makaan and BroEx. Whereas PropTiger was developed by Elara, the corporate had acquired Makaan in Might 2015. Elara’s PropTiger had acquired Delhi-based premium workplace house aggregator/platform CBIX in a deal value roughly $4.7 Mn in August 2018.
Furthermore, Elara had acquired Gurugam-based tech-enabled rental brokerage platform FastFox in April 2019. FastFox is identical startup which operates dealer connecting platform BroEx. After the acquisition, Elara had merged FastFox with Housing whereas BroEx remains to be working as a separate platform. With the acquisition of FastFox, the corporate had deliberate to transcend search and discovery for dwelling leases on its platforms and add on-ground help to each landlords and residential seekers.
In line with IBEF, the Indian actual property market is pegged to the touch $180 Bn by 2020, with the housing sector alone contributing 11% to the nation’s GDP. It additionally estimates that 35% of the inhabitants is within the younger age bracket (15-35 years) which is additional driving the web actual property trade in India.
In India’s proptech house, Elara’s subsidiary firms compete with startups equivalent to Sq. Yards, Instances Group-backed MagicBricks, 99acres, amongst others. Lately, Sq. Yards acquired property administration and rental platform Azuro.