Indian online realty services providers PropTiger, to merge | Reuters

 Indian online realty services providers PropTiger, to merge
| Reuters

MUMBAI Indian online real estate services providers and will merge to create what the companies said would be the biggest player in the segment, accelerating a consolidation in the sector.News Corp (NWSA.O) is the biggest shareholder of PropTiger, while SoftBank Group Corp (9984.T) is the largest investor in part of the deal, Australia's REA Group Ltd (REA.AX), 61.6 percent owned by News Corp, will invest $50 million in the combined entity, while an affiliate of SoftBank will invest $5 million, PropTiger and said in a joint statement on Tuesday., once billed as one of India's most promising start-ups, has been struggling with losses and a management shake-up. The company fired its founding chief executive in 2015 after he was involved in a public spat with venture capital investors.'s current CEO, Jason Kothari, will leave the company after the deal, while PropTiger co-founder and CEO Dhruv Agarwala will head the joint entity, the companies said.

In January last year, online classifieds company Quikr bought and merged it with its real estate vertical QuikrHomes. In 2015, PropTiger had acquired

(Reporting by Devidutta Tripathy and Aditi Shah; Editing by Subhranshu Sahu)

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Updated Date: Jan 10, 2017 12:24:45 IST