Elara Technologies, the owner of Housing.com, PropTiger.com and Makaan.com that is based in Singapore has reportedly raised an amount of $35 million in a fresh funding round.
The round was led by Citi Singapore and these funds are being planned to be used for business growth. The investment will be made in the brand building, product & technology, sales force and geographic expansion.
“Our consistent high double-digit growth momentum and mode of financing reflect the strong fundamentals of our company. We expect this funding to catalyze our next phase of growth and build our leadership in the rapidly expanding digital real estate space in India” stated Dhruv Agarwala, Group CEO of all the three brands of Elara Technologies.
Housing.com had recently claimed that its revenues had immensely increased in the fiscal year 2018. It showed a 110% growth in revenue and 75% growth in traffic. It also stated to have registered a 77% growth in revenue on an annual basis in the first quarter of the ongoing financial year.
With this, the company is planning to bring in and launch a range of new products this year with an aim to strengthen its customer offerings.
Along with this, PropTiger also saw a rise in revenues by 40% during the first half of 2018, and comparing it to the corresponding period last year Makaan claimed to have witnessed a 300% revenue growth in the first half of 2018 as compared to the same period last year.
“India’s real estate sector is growing at a healthy pace on the back of strong overall market demand. This transaction demonstrates our confidence in Elara Technologies’ growth potential and the opportunity that we see in India’s digital real estate market over the next few years” said Wong Sin Ping, Global Subsidiaries Group Head of Citi Singapore.
In this market space, the company faces tough competition from companies like 99acres.com and Magicbricks.com in real estate classified business among few others.