Delhi-Based Real Estate Company PropTiger Acquires CBIX At $4.7 Mn

Gurgaon-based real estate firm PropTiger (.com) has allegedly acquired Delhi-based premium office space aggregator/platform CBIX (.in) in a deal worth approximately $4.7 Mn. PropTiger has also signed a non-binding and non-disclosure agreement with CBIX. Gurgaon-based real estate firm PropTiger (.com) has acquired Delhi-based premium office space aggregator/platform CBIX (.in) in a deal worth approximately $4.7 Mn. PropTiger has also signed a non-binding and non-disclosure agreement with CBIX to media. While one source said the deal amount amounted approximately to $4.7 Mn, the second source said, “PropTiger-CBIX deal is $4 Mn in Cash. Proptiger is mainly acquiring the company for its platform and users.” Reconfirming the development, one source told media that since both the companies have signed a non-disclosure agreement neither of the two companies would actually disclose or confirm the development. Established in 2011 by Dhruv Agarwala and Prashan Agrawal, PropTiger is currently a subsidiary of Singapore-based Elara Technologies, which is backed by News Corp. Among other investors are Softbank and REA Group. Elara Technologies has also acquired other leading real estate platforms such as Housing (.com) and Makaan (.com). Elara had recently secured a credit facility of $35 Mn from Citi Singapore.