REA India today announced that it has entered into a binding agreement with Aurum PropTech Limited (“Aurum”) to sell its PropTiger business. Under the proposed transaction, REA India will transfer ownership of PropTiger to Aurum in exchange for a 5.5% equity interest.
Outgoing REA India Chief Executive Officer and PropTiger Founder, Dhruv Agarwala, said: “We believe this alignment sets the stage for long term growth. Aurum is the right partner for PropTiger and I’m confident it will thrive under their stewardship.”
REA India Chief Executive Officer, Praveen Sharma, commented: “This agreement is a decisive step in further sharpening our focus on Housing.com and its leading digital experiences while unlocking greater potential for PropTiger by aligning it with Aurum.
“Housing.com has achieved strong brand recognition and significant audience growth with our app-prime consumer experiences delivering strong results. We are excited to double down in this space and continue supporting the next generation of Indian home seekers with seamless property experiences.”
The combined businesses will bring together Aurum’s operational expertise with PropTiger’s strong brand presence to create synergies and accelerate innovation.
Aurum PropTech Founder and Chief Executive Officer, Ashish Deora, said: “Our conviction in this acquisition stems from a shared vision with REA India to digitize the consumer’s real estate journey. This acquisition will expand Aurums’ reach across the home buying value chain through the synergies PropTiger brings to our business segments.”
The proposed transaction is subject to satisfy certain conditions, including Aurum shareholder approval, and completion is expected within two months.
Aurum is a leading Indian-listed proptech company with a portfolio of businesses servicing the entire real estate journey. It supports consumers through its leading rental brands HelloWorld and NestAway, while its data, marketing and sales automation brands, Aurum Analytica and Sell.Do, streamline operations and create efficiencies for property professionals.
