Media giant News Corp, controlled by Australian-American Rupert Murdoch, announced an investment in India: it has paid $30 million for a 25 percent stake in Elara, which runs the Indian real estate portal PropTiger.com, which has sold more than $1 billion in property through its platform to date, and also offers real estate advice. A News Corp. executive will join Elara’s Singapore-based board.
News Corp’s investment continues the acceleration of its global digital footprint with an emphasis on India, where the company also has a presence through its Dow Jones, Wall Street Journal and HarperCollins publisher businesses. This investment in PropTiger.com will allow the Indian company to draw on News Corp’s “digital and product expertise” and experience gained through its Website realtor.com the company said.
“India has more than 270 million Internet users and the number is growing exponentially. There is no doubt that the development of digital is empowering individuals and transforming industries, and we are extremely enthusiastic about the potential for PropTiger.com as the country fulfills its digital destiny,” Robert Thomson, chief executive of News Corp, said in a statement