Rupert Murdoch-led News Corp has acquired 25 per cent stake in real estate portal PropTiger.com for $30 million.
News Corp picked up the stake in Elara Technologies Pte Ltd, the parent firm of PropTiger.com.
As part of the investment, Raju Narisetti, News Corp Senior Vice President, Strategy, will also join Elara’s Singapore-based board, the company said in a statement.
“News Corp’s investment continues the acceleration of its global digital footprint with an emphasis on India, where the company also has a presence through its Dow Jones, Wall Street Journal and HarperCollins Publishers businesses,” it added.
Commenting on the development, News Corp Chief Executive Robert Thomson said: “India has more than 270 million Internet users and the number is growing exponentially… we are extremely enthusiastic about the potential for PropTiger.com as the country fulfils its digital destiny.”
Elaborating on the future potential of its investment in the company, News Corp said that “at least 10,000 properties, with a combined value of over USD 1 billion, have already been bought by Indian home buyers through PropTiger.com.”
It is estimated that India will be a USD 158 billion residential real estate market by 2020, the statement added.
PropTiger.com will benefit from News Corp’s digital and product expertise, the company said.
In July 2013, News Corporation completed the separation of its business into two independent companies – 21st Century Fox and News Corp.
Post the separation, Star India became a wholly-owned subsidiary of 21st Century Fox.