Elara Technologies Rebranded to REA India

Elara Technologies, the operator of Indian portal brands Housing.com and Makaan as well as brokerage PropTiger, has announced that it has rebranded as REA India. According to a press release from REA Group, the new name reflects the parent company while prominently distinguishing the company's local market of operation.

The Newscorp backed Australian portal operator REA Group invested in Elara Technologies back in 2017 alongside its parent and became the majority shareholder in 2020 when it increased its stake in the firm to 61%.

The rebrand reflects the high hopes that REA Group has high hopes for its Indian business. Commenting on the rebrand, REA Group's CEO Owen Wilson said:

"This is such an exciting opportunity for REA to expand our presence in the world’s fastest growing trillion-dollar economy which is experiencing rapid digital transformation. The business has generated an impressive 42% revenue CAGR over the past three years despite the impact of COVID-19 in Q4 this year. It is very well positioned for future growth and well placed to become India’s number one digital real estate business."

REA India will continue to be run by the current leadership team led by co-founder and CEO Dhruv Agarwala who said of his company's rebrand:

"This is such an exciting opportunity for REA to expand our presence in the world’s fastest-growing trillion-dollar economy which is experiencing rapid digital transformation. The business has generated an impressive 42% revenue CAGR over the past three years despite the impact of COVID-19 in Q4 this year. It is very well positioned for future growth and well placed to become India’s number one digital real estate business."

In REA's 2020 presentation to shareholders, the company claimed that Elara Technologies was growing its audience faster than the incumbent portal giants Magic Bricks and 99acres. REA India will be hoping to continue that growth trajectory and recently launched search experiences on Housing.com in 6 local languages.