Elara Technologies secures USD35 Mn from Citi Singapore

Elara Technologies Pte. Ltd., a Singapore-based digital real estate marketing and transactions services company and owner of Housing.com, PropTiger.com, and Makaan.com, on Monday announced receiving of credit facility worth USD35 million from Citi Singapore.

Elara, which is currently growing at a rate of more than 50% y-o-y, will use the fresh capital to accelerate business growth by investing in brand building, product and technology, sales force and geographic expansion.

With the infusion of additional capital, Elara Technologies is well positioned to take the lead in the next cycle of growth in the digital real estate sector in India.

"Our consistent high double-digit growth momentum and mode of financing reflect the strong fundamentals of our company. We expect this funding to catalyse our next phase of growth and build our leadership in the rapidly expanding digital real estate space in India," said Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com, and Makaan.com.

"India's real estate sector is growing at a healthy pace on the back of strong overall market demand. This transaction demonstrates our confidence in Elara Technologies' growth potential and the opportunity that we see in India's digital real estate market over the next few years," said global subsidiaries group head of Citi Singapore, Wong Sin Ping.