Real estate firm PropTiger makes its fourth acquisition, nabs Mumbai-based PropRates
Online real-estate advisor PropTiger made its fourth acquisition by acqui-hiring Mumbai-based startup PropRates. With this acquisition, PropTiger intends to provide consumers access to price-related information on the property market.
Founded in 2015 by Abhishek Malhotra and Rohan Dey, PropRates claims to be a pioneer in data collation tools, gathering actual real estate transaction data. The PropRates team will come on board with PropTiger and will continue to build on their data gathering and analysis expertise to augment the available resources at PropTiger.
Dhruv Agarwala, CEO, PropTiger.com and makaan.com said,
With this acquisition, PropTiger will be able to augment its existing DataLabs offerings. The advanced data collation tool developed by PropRates will enable users to make more informed choices based on actual transaction prices while buying or renting property. PropRates’ Mumbai-centric data resource will soon be available to our customers on PropTiger and Makaan.
The acquisition will benefit the customers in Mumbai with the data points available on PropRates. The solution provides customers the actual transaction value of the latest buy or rent transaction.
Abhishek Malhotra, CEO, PropRates, said,
The large user base of PropTiger and Makaan will find our data offering useful for the purpose of picking residential units of their choice for buying or renting in the Mumbai market. We soon plan to extend our services to the next top nine cities. The tool will help users optimise their decisions and get the best value-for-money deals.
Acquisition, funding and more
Based out of Noida, PropTiger was founded in 2011 by Dhruv Agarwala, Kartik Varma and Prashan Agarwal, alumni of Harvard Business School, IIT and ISB respectively. Since its inception, PropTiger claims to have sold homes worth more than Rs 10,000 crore to over 15,000 customers.
As an Indian online real estate firm, PropTiger aims to offer home buyers a one-stop platform that allows users to search for homes, shortlist, visit, finalise and arrange home loans or legal services and buy the property. Apart from information on the locality and detailed descriptions of the listed properties, PropTiger also offers advice on buying, selling and investing in real estate in India.
The company last year in April made two acquisitions- Bengaluru-based Out of Box Interaction (a digital interaction design company specialises in displaying real estate projects) and Makaan.com (a real estate marketplaces for property buying, selling and renting). And, in August this year, PropTiger acquired 3DPhy, which works in the field of virtual reality (VR) and augmented reality (AR), and 3D visualisation.
In November 2014, PropTiger.com had raised $30 million in funding in a round led by News Corp, with participation from SAIF Partners, Accel Partners and Horizen Ventures. NewsCorp has 25-percent stake in PropTiger.
The Indian real-estate market is expected to touch $180 billion by 2020, with the housing sector alone contributes five to six percent to the country’s Gross Domestic Product (GDP). The construction development in India has witnessed a Foreign Direct Investment (FDI) equity inflow of $24.19 billion between April 2000 and March 2016.
The market has seen few consolidations in the past couple of years. In January 2016, Quikr announced that it had acquired CommonFloor for an undisclosed amount to integrate it with its offering ‘Quikr Homes’. In August 2015, Housing acquired cloud-based sales life cycle management platform HomeBuy360 for $2 million. In October last year, Square Yards acquired Ahmedabad-based Oryden Tech Labs, specialises in 3D architectural and industrial visualisation, 2D animation and creative design.