Singapore's Elara acquires FastFox for 100 crore

New Delhi: Elara Technologies, which owns three realty portals Housing.com, PropTiger and Makaan, on Monday said it has acquired home rental brokerage platform FastFox.com at a valuation of nearly Rs 100 crore as part of its growth plans.

With this acquisition, Singapore-based Elara, which is backed by News Corp and Softbank, has entered the online-to-offline home rentals space that has a market size of over Rs 20,000 crore.

"Until now we were in the home rentals market through listings on both our platforms, Housing.com and Makaan.com.

With this acquisition, we will now provide end-to-end on-ground assistance to both landlords and tenants in collaboration with other brokers," Elara Technologies CEO Dhruv Agarwalasaid.

The acquisition has been done at a valuation of nearly Rs 100 crore, he said. "For the time being, we will retain the FastFox brand," he said, adding that the entire 120 people of FastFox would now become part of Elara.

Currently, Elara Technologies is growing at a rate of more than 60 per cent year-on-year and the new acquisition will further help the company to become the clear market leader in digital real estate in the country, he added.

"We intend to use our capital and expertise to expand FastFox's offering beyond Gurugram to other markets in India," Agarwala said.