Online real estate advisor PropTiger.com has acqui-hired Mumbai-based start-up PropRates, a company into data collation tools and real estate transaction data. The financial terms of the acquisition were not immediately disclosed.
This acquisition comes close on the heels of PropTiger’s buy of Gurgaon-based 3DPhy earlier in August, which was aimed at extending its lead in 3D visualisation and other technology solutions.
“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,” said Dhruv Agarwala, CEO, PropTiger.com and makaan.com said.
Customers in the Mumbai market will be the first beneficiaries of the range of data points available on PropRates. The next phase of expansion will see another nine cities being added.
The solution provides customers with a solid and credible benchmark by providing the actual transaction value of the latest buy or rent transaction, closed in a complex or locality.
“The large user base of PropTiger and Makaan will immediately find our data offering immensely 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 9 cities. The tool will help users optimise their decisions and get the best value-for-money deals,” said Abhishek Malhotra, CEO at PropRates.
PropRates was created by two techies, Abhishek Malhotra and Rohan Dey in 2015, with the objective of creating transparency in the real estate market and helping users take more informed property decisions. The team of PropRates will come on board at PropTiger and will continue to build on their data gathering and analysis expertise to augment and fine-tune their offering with the available resources at Proptiger.
PropTiger.com is funded by News Corp, SAIF Partners, Accel Partners and Horizen Ventures. With PropTiger’s acquisition of brands such as Makaan.com and OOBI in the recent past, homebuyers now have access to a full stack of services – from online search to assistance with transactions. Since its inception, PropTiger.com has sold homes worth more than Rs 10,000 crore.