Elara Technologies, The Singaporean owner of Housing.com, PropTiger, and Makaan, has announced the acquisition of FastFox.com, a home rental brokerage platform. The platform was purchased at almost Rs 100 crore (approximately US$14.5 million). The deal was made as part of Elara's plans for growth.
With this acquisition, Elara, which is backed by News Corp and Softbank, has entered the online-to-offline home rentals space that has a market size of over Rs 20,000 crore (approximately US$2.9 billion).
"Until now we were in the home rentals market through listings on both our platforms, Housing.com and Makaan.com. With this acquisition, we will now provide end-to-end on-ground assistance to both landlords and tenants in collaboration with other brokers," Elara Technologies CEO Dhruv Agarwala told PTI.
The acquisition has been done at a valuation of nearly Rs 100 crore (approximately US$14.5 million), he said.
"For the time being, we will retain the FastFox brand," he said, adding that the entire 120 people of FastFox would now become part of Elara.
Currently, Elara Technologies is growing at a rate of more than 60 per cent year-on-year and the new acquisition will further help the company to become the clear market leader in digital real estate in the country, he added.
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