Murdoch’s News Corp announced on 25 November, an investment of $30 million (Rs 186 crore) in a real estate website, PropTiger.com. The Portal was started by Dhruv Agarwal with two friends, Kartik Varma and Prashan Agarwal.
News Corp, which has earlier invested in real estate websites in the US and Australia, has bought a 25 per cent stake in Noida-based PropTiger.com making its entry in the realsate field in India through the digital space. The investment further validates News Corp’s focus on India, where it already has presence through Dow Jones, The Wall Street Journal and HarperCollins Publishers.
With this investment, Raju Narisetti, senior vice-president, strategy, at News Corp, has joined the board of PropTiger.com’s Singapore-based parent company, Lara Technologies Pte Ltd. Narisetti was the first editor (till 2009) of Mint, the Delhi-based business daily, a competitor to Business Standard.
Besides News Corp, PropTiger.com has raised an additional $7 million from existing investors – SAIF Partners, Accel Partners and Horizen Ventures.