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Having taken a majority stake in the company last year, REA Group has revealed a brand-new name for the Indian digital business formerly known as Elara Technologies.
REA India is the new name for the Elara Technologies company, which operates three digital real estate portals in the country: Housing.com, PropTiger.com and Makaan.com.
While REA Group first invested in what was formerly Elara technologies back in 2017, it became a majority shareholder in 2020 – when it took its ownership to a 61 per cent stake in the company.
According to REA Group CEO Owen Wilson, a key pillar of REA’s long-term growth strategy is expanding into large growth markets.
“Our strong presence in India provides REA Group with exposure to one of the world’s most attractive economies and complements our existing footprint in Australia, Asia and North America.”
He expressed: “The residential real estate market in India presents enormous growth opportunities on the back of rapid digital adoption”.
“Leveraging the combined talent and expertise of REA Group and REA India, we have an exciting roadmap, fuelled by the delivery of highly personalised consumer experiences, to become the clear number one digital real estate business in India,” Mr Wilson concluded.
According to the statement revealing the change, REA India will continue to operate as a separate organisation under the ongoing leadership of co-founder and CEO, Dhruv Agarwala, along with the current leadership team.
Mr Agarwala said that the new avatar will see REA India “solidify our position as the digital real estate platform of choice in India”.
“The new branding will provide us with a strong brand legacy backed by cutting edge technology. We will continue to serve our consumers and customers with the same passion, and expand our presence in the promising real estate market in India.”
The CEO outlined that the pandemic had both elevated the market need for technology and revolutionised the manner in which consumers are finding and purchasing real estate.
“This quick and transformative shift has led to accelerated digital adoption and the need for digitally enabled full stack services that are core to our business strategy.
“Our objective is to optimize our offerings around this shift and build a more engaging and transparent platform for our user base, with support from REA Group’s team.”
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