Real estate portals PropTiger.com and Housing.com announced that they have merged.
The two will form India’s largest online real estate services company.
Masayoshi Son’s SoftBank is the biggest investor in Housing.com. Rupert Murdoch's News Corp is the largest shareholder in PropTiger.com.
Dhruv Agarwala, co-founder of PropTiger will serve as CEO of the joint entity.
The company said that Jason Kothari, CEO of Housing.com has decided to move on to pursue other opportunities in the Indian Internet space.
REA Group Limited, an Aussie real estate firm owned by News Corp, is investing $50 million in the joint entity, according to the statement.
It also said that an affiliate of SoftBank is putting $5 million in the entity.
By 2030, India is expected to be the third largest real estate market in the world with the sector contributing to over 15 per cent of the national GDP.
With 1.2 billion people and a rapidly growing economy and middle class, India will have growth in this sector.
