NewsCorp-backed PropTiger acquires PropRates
06 September 2016
Online real estate advisor PropTiger.com has acqui-hired PropRates, a Mumbai-based start-up into data collation tools and real estate transaction data for an undisclosed sum. PropTiger.com, which is funded by News Corp, SAIF Partners, Accel Partners and Horizen Ventures, has sold homes worth more than Rs 10,000 crore.
With this acquisition, PropTiger aims to provide consumers real-time access to actionable price related information on the property market.
This comes close on the heels of the company's acquisition 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 at PropTiger.com and makaan.com.
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.
Abhishek Malhotra, CEO PropRates, said, ''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 nine cities. The tool will help users optimize their decisions and get the best value-for-money deals''.
PropRates was created by Abhishek Malhotra and Rohan Dey in 2015, aimed at creating transparency in the real estate market and helping users take more informed property decisions.
The team of PropRates will join 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.