News Corp-promoted real estate services portal PropTiger and Housing.com will join hands to become the country's largest digital real estate firm.Read more: Yahoo To be Named Altaba, Merissa Mayer to Leave Post Verizon Deal
News Corp is the biggest shareholder of PropTiger, while SoftBank Group Corp is the largest investor in Housing.com.
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As part of the deal, Australia's REA Group Ltd, 61.6 per cent owned by News Corp, will invest $50 million in the combined entity, while an affiliate of SoftBank will invest $5 million, PropTiger and Housing.com said in a joint statement.Read more: Flipkart Apple Fest: Big Discounts on iPhone 6S, iPhone 7 Plus and Accessories
Housing.com, once billed as one of India's most promising start-ups, has been struggling with losses and a management shake-up. The company fired its founding chief executive in 2015 after he was involved in a public spat with venture capital investors.
Housing.com's current CEO, Jason Kothari, will leave the company after the deal, while PropTiger co-founder and CEO Dhruv Agarwala will head the joint entity, the companies said in a statement.
It is being said that the partnership would be the only institution in India that offers a complete range of online and offline services like site visits, customised searches, property registrations, and negotiations.
In January last year, online classifieds company Quikr bought CommonFloor.com and merged it with its real estate vertical QuikrHomes. In 2015, PropTiger had acquired Makaan.com.
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