Elara Technologies acquires home rental platform FastFox

April 3, 2019
Share this Post: 

New Corp and Softbank-backed, Elara, enters the online-to-offline home rentals space

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.

Read more here

Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.

Miami Flash Sale 2019

 

April 3, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Product Roundup 1Nov
Product Roundup: Rightmove, Zoopla, MyHome.ie, Suumo.jp, Realestate.com.kh, Graana

This week's news roundup can only start in one place, with a world-famous portal testing an AI tool on some...

Read More
Fdv Generic Skyscrapers 1
Frontier Digital Ventures Q3 2024: Strategic Review Underway, with 360 LATAM Under the Spotlight

Frontier Digital Ventures, the tri-continental marketplace operator publicly listed on the Australian Stock Exchange (ASX) has released a trading update...

Read More
Scout24 Boardroom 2
Scout 24 Financial Statement: Q3 2024 Delivers €144 Million in Revenues, Up 8.5% Year-on-Year

Scout24 SE, the owner of German real estate classifieds giant Scout24 Group, has released its financial statement for the third...

Read More
Propertygurugroupboardroom 3
PropertyGuru Hits 52-Week High Ahead of Takeover

PropertyGuru shares have hit their highest price for a year as the Group prepares for privatisation by private equity firm...

Read More

Editor's Pick