Continuing its acquisition spree and adding to the core technology offerings of its platform, News Corp-backed real estate platform PropTiger has acqui-hired PropRates, a startup that collects real estate transaction data. This is the fourth major acquisition for the company.
The financial terms of the deal haven’t been disclosed, but the latter will join PropTiger’s team post acquisition. This will enable PropTiger to provide users with real-time access to actionable data related to property transactions, both sales and rentals. This also enables users to determine the fair market value of the property.
Once on board, PropRates will continue to further build out their platform and augment it with extensive data gathering and analysis available at PropTiger. The company plans to tap its own wide userbase to offer more advanced real estate data insights.
The combined service is first expected to land in Mumbai, with further plans for expansion to nine major cities in the next phase.
Commenting on the acquisition of yet another tech solution for PropTiger, CEO Dhruv Agarwala says,
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’ exhaustive Mumbai-centric data resource will soon be available to our customers on PropTiger and Makaan.
PropRates, operational only in Mumbai, was founded by Abhishek Malhotra and Rohan Dey in 2015. It was launched with the sole objective of creating an easy-to-use tool that help you explore and find exact specifications of recent real estate transactions. Their decision making tool was launched to create transparency in the real estate market and help users take more informed property decisions.
PropTiger, founded in 2011 by Dhruv Agarwala, Kartik Varma and Prashan Agarwal has managed to sell homes worth over 10,000 crores to more than 15,000 customers. It counts Accel Partners, SAIF Partners, Horizon Ventures and the global media conglomerate NewsCorp(which holds a 30% stake) as key marquee investors in the venture.
It has recently acquired Gurgaon-based virtual reality startup 3DPhy to enable both builders and brokers to show real estate properties through mobiles, laptops, or head mounted devices. Using 3DPhy’s VR technology, people searching for properties on PropTiger’s platform can enjoy 360-degree panorama and virtual tours of their prospective homes.
It had also acquired rival real estate listing platform Makaan.com in April 2015, to create a truly comprehensive online real estate ecosystem.