News Corp-backed real estate portal PropTiger said on Tuesday that Mumbai-based Housing.com will merge with it in an all stock deal, and that it will receive $50 million in fresh funds from News Corp.’s REA Group Ltd and $5 million from SoftBank Group.
The deal values the SoftBank-backed Housing, which has raised north of $120 million since 2012, at about $70-$75 million, according to two people familiar with the development. PropTiger Reality Pvt. Ltd was valued at $200-$210 million taking the stock swap ratio to about 3:1, the people said. This takes the valuation of PropTiger after the merger to close to $270-$285 million. Existing investors in Housing will be given stake in PropTiger’s Singapore entity. Horizon Ventures, an existing investor in PropTiger is likely to exit.
The Economic Times reported Housing.com was valued at $70m.
IndusLaw acted for Elara Technologies, the parent company of PropTiger, led by
Shardul Amarchand Mangaldas acted for NewsCorporation, an investor of PropTiger, led by
AZB & Partners acted for SoftBank led by
Rajah & Tann acted as Singapore counsel for PropTiger, advising led by
Khaitan & Co acted for REA Group led by
Nishith Desai Associates acted for Nirvana Digital Investment Holding Ltd and Nirvana Digital India Fund, investors of Housing led by
Morrison Foerster acted as counsel for SoftBank, led by Tokyo
Goodwin Procter acted as counsel for Flacon Edge, investors of Housing, led by Hong Kong