The struggling real-estate platform Online realty portal Housing is in advance stages of discussions with rival firm Elara Technologies PropTiger for a sale, according to news published in economic times.
Housing.com raised $90 million led by SoftBank in 2014 when it reached its highest evalution of about $220-250 million.To reduce burn rate and to sustain at the time of struggle, the company had to shut multiple businesses, including listings and rentals, at the end of 2015. It also let-go many of its employees.
According to sources, the announcement of the merger and the financing is expected over the next few days as Housing has been waiting for last few months for definitive agreement for the sale of its business.
According to sources Housing Ceo Jason Kothari is expected to leave the SoftBank-backed Housing after the completion of the sale. He told TOI “We have been looking at the possibility of a merger for a while now but as we speak nothing has been completed”.
PropTiger is expected to get a fund infusion of $100-120 million from existing investor New Corp and Australia’s REA Group, a person privy to the matter told TOI.
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