Real estate portal Housing.com announces to merge with PropTiger to create India's largest real estate services company online, and the combined entity will raise over USD 55 Million of fresh investment.
The deal values Housing.com at a whopping USD 70 Million, which is the same as its latest valuation two months ago. However, according to the sources, the joint company is assumed to be valued somewhere around USD 250 Million, which is indeed a huge number!
The new entity will be headed by co-founder and CEO of PropTiger, Dhruv Agarwala while the CEO of Housing.com, Jason Kothari will be moving out by the end of February.
The joint entity will be focussing on providing a unique, comprehensive experience to end-users, brokers, and homeowners. It will be the only company in India providing offering a variety of real estate services, online as well as offline.
The merger comes at the time when most of the founders of Housing.com including Rahul Yadav had already left the company.
In an interview with Quartz, he stated the merge to be the end for Housing.com and explained what the deal means for the company and its 12 founders.