While the financial details of the acquisition were not disclosed, NetAmbit Chairman and Managing Director Girish Batra stated that the acquisition will help improve its real estate sales and its online property solutions division by providing advice on real estate products.
atOnePlace is an online real estate marketplace, while theBuyerPower is a group deal platform for real estates. Both the portals were launched by Gunjan Garg. It’s not clear as to when these portals were launched, but theBuyerPower website suggests that atOnePlace has been operational for more than 5 years and the company has offices in the US and India. theBuyerPower’s AngelList profile also suggests that it has investors like Ravi Narayan and Vish Narayan, although there is no information on how much capital had the company raised till now.
How the acquisition helps NetAmbit
Along with providing financial services, NetAmbit also provides real estate services such as real estate consulting through its subsidiary, NetAmbit Homewise. We therefore believe that it could integrate atOnePlace and theBuyerPower services with Homewise, to possibly expand its operations to the online market.
In 2010, NetAmbit had also acquired a personal finance portal RupeeTalk. Rupeetalk allows comparisons on financial products online, has personal finance content, providing information on insurance, loans, credit cards, mutual funds, fixed deposits, etc.
Founded in 2000, NetAmbit distributes financial products for consumers through direct marketing. It has raised Rs 110 crore in three funding rounds till now, which includes a Rs 10 crore round from Bessemer in 2007, a Rs 50 crore round from Helion Ventures and Bessemer in 2009 and another Rs 50 crore round from existing investors Helion Ventures and Bessemer and a new investor SVB India Finance in April 2011, as indicated by a The Economic Times report.
According to the company website, it claims to have around 800 field agents and a significant number of business associates across 34 branches in the country.
Other developments in Real estate
In November 2012, Smartowner Services India Pvt Ltd, a company that owns real estate marketplace Smartowner, had raised an undisclosed amount of funding from AngelPrime. Prior to this, Commonfloor.com, a real estate and apartment management portal, had raised an undisclosed amount of funding in series-B funding round from existing investors like Accel India and Tiger Global Management in October 2012 and the online real estate portal PropTiger had raised $5 million (Rs 25.97 crores) from Accel Partners and SAIF Partners in April 2012.
In May 2012, Real estate group buying portal Groffr had introduced a new feature, called ‘Rent A Flat‘ allowing users to browse through listings of new flat/rooms available for rent, or post their flat requirements on the portal while Sulekha.com had launched Sulekha.com property to offer property related information to users, including buy or sell property listings, rentals, information on localities and brokers, and others in October 2011.