A battle is brewing between Housing.com founders and its new owners. Here are the details

All is not well at Housing.com. The founders of the realty portal are not happy with the new owners-PropTiger.

PropTiger acquired Housing.com this year and following this, eight founders of the latter business allege they haven’t been offered equal purchase terms for their shares.

The eight founders have written to the board of the combined entity, saying they have received differential treatment.

“This differential treatment of same class of shares is a violation of our rights as shareholders,” the founders have stated in the letter.

The letter, which was accessed by ET, was written by Housing's former chief technology officer Abhishek Anand to PropTiger chief executive Dhruv Agarwala and the representatives of the various shareholders in the combined entity.

These shareholders include media conglomerate News Corp, Japanese telecom and internet major SoftBank, and investors Nexus Venture Partners, Falcon Edge Capital and Helion Venture Partners.

"Angel investors have been offered an exit at a purchase price of Rs 350 per share or other favourable exit rights, while the shares held by us, belonging to the same class as those of the angel investors, are not being offered the same exit rights and are being differentially treated,” the Housing founders said in their letter, dated June 16.

The letter further read: "The scheme of the proposed merger has not been communicated to us. As the shareholders of the company, we have a right to receive the relevant valuation report, copies of the board interaction, shareholders' interaction.”

Business Insider contacted the PropTiger spokesperson who said, "No comments."

This letter gains significance at a time when Snapdeal is getting acquired by Flipkart and a group of Snapdeal employees have sought information on the worth of their employee stock options.