Global media and information services company News Corp on Tuesday announced that it has raised its stake in the Singapore-based Elara Technologies Pte, the parent company of India’s real estate portal PropTiger.com.
Terms of the transaction, which increased News Corp’s stake in Elara to about 30 per cent from 25 per cent, were not disclosed, the statement said.
The media corporation, founded by Rupert Murdoch, had acquired a 25 per cent stake in Elara in November 2014 for $30 million.
Raju Narisetti, Senior Vice President, Strategy, for News Corp, who also chairs Elara’s Singapore-based board, said, “While India’s real estate sector continues to work its way through challenging macro conditions, we remain very optimistic, not only about India’s long-term potential, but also about the management team of PropTiger in its ability to execute, rationally and deliberately.”
Other major shareholders in Elara — SAIF Partners and Accel Partners — which had increased their shareholdings as part of the original News Corp investment, remain key backers of PropTiger, the statement added.