NEW YORK CITY (dpa-AFX) - News Corp (NWS, NWSA), Monday announced it has acquired a 25% stake in the parent company of PropTiger.com, a digital real estate marketing platform in India, for $30 million.
News Corp said its 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.
The investment creates a network effect to complement and build on the strength of the company's collection of businesses, which include leaders in news, book publishing and digital real estate. News Corp owns Move Inc, operator of realtor.com.
In addition, News Corp has a 61.6% stake in REA Group Ltd, operator of the Australian residential property website, realestate.com.au. REA also has a substantial stake in iProperty, the digital real estate advertising business across South East Asia.
PropTiger.com will benefit from News Corp's digital and product expertise, drawing on its experience with REA and Move.
News Corp's investment is in Elara Technologies Pte Ltd, which owns PropTiger.com. PropTiger.com was founded in 2011 by Dhruv Agarwala, Kartik Varma and Prashan Agarwal. Among its other investors are Accel Partners, SAIF Partners and Horizen Ventures.
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