India's PropTiger has recently signed an agreement with CBIX to acquire the company. With this move, PropTiger will compete with other real estate giants like CBRE, JLL, and C&W, entering projects that deal with servicing, financing, and commercial leasing business.
Gurgaon-based real estate firm PropTiger has acquired Delhi-based premium office space aggregator/platform CBIX in a deal worth approximately $4.7 Mn. PropTiger has also signed a non-binding and non-disclosure agreement with CBIX.
Both PropTiger and CBIX have however refuted the deal. While PropTiger in an email stated “The company has not gone through with any such transaction,” Akshay Madhavan, founder and CEO, CBIX called the development a fake news.
“CBIX has never spoken to PropTiger for any matter whatsoever,” said Madhavan.
However, two independent and reliable sources earlier confirmed the deal to Inc42. While one source said the deal amount amounted 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.”
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.
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