Elara pumps capital into its two Indian subsidiaries

March 3, 2020
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Proptech company Elara has invested a total of US$3.5 million in Housing.com and US$2 million in PropTiger. Both companies are Indian subsidiaries of Elara, which had recently raised US$70 million in funding for itself.

Singapore-based proptech company Elara Technologies has invested a total of INR 42.2 Cr (US$5.7 million) in Housing and PropTiger, its two Indian subsidiaries. Elara has invested a total of INR 26.3 Cr (US$3.5 million) in two tranches in Housing.com, while the company has sent over INR 15.9 Cr  (US$2 million) in two tranches for PropTiger.

According to the ministry of corporate filings (MCA) accessed by Inc42, Housing.com has issued 3,77,511 shares to Elara as part of this transaction. The nominal price per share stood at INR 30 (US$0.41) with a premium of INR 670 (US$ 9.13).

For this transaction, PropTiger has issued a total of 26,155 shares to Elara. While 17,775 shares were issued at a nominal value of INR 10 (US$0.14) with a premium of INR 8,422 (US$114.75), the rest 2,371 shares were allotted at the same nominal value but with a premium price of INR 8,420 (US$114.72).

The infusion in Indian entities of Elara has come a month after it had raised $70 Mn, in January 2020, from its existing investors NewsCorp and REA Group. Elara Technologies had said that it will be utilising the funds to accelerate growth, develop new products and technology and expand its sales team.

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March 3, 2020

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