News Corp-backed PropTiger is on a buying spree and this time it has acqui-hired PropRates, a Mumbai-based data collation company. PropRates’s tools collects actual real-estate transactions data. This acquisition will help the real estate website to augment its existing DataLabs offerings. The financial details of the deal was not disclosed.
Last month, the company had acquired 3DPhy , an augmented reality and 3D visualizations startup in Gurgaon. Last year, PropTiger had also acquired Out of Box Interaction (OoBi), a user interface design firm, for an undisclosed amount. PropTiger’s other acquisition includes real estate classifieds portal Makaan.com, which operates as an independent entity.
“PropRates’ exhaustive Mumbai-centric data resource will soon be available to our customers on PropTiger and Makaan,” CEO Dhruv Agarwala said in a statement. Currently, PropRates offers data in Mumbai only and the next phase of expansion will have nine more cities added. The tool provides customers a benchmark by providing the actual transaction value of the latest buy or rent transaction.
PropRates was started in 2015 by Abhishek Malhotra and Rohan Dey in 2015. The team of PropRates will come on board at PropTiger and will continue to build products for data gathering for the company.
Funding: In June 2015, News Corp raised its stake in PropTiger from 25% to 30%, though the terms of the deal hasn’t been disclosed. News Corp previously acquired a 25% stake in the company after it raised $30 million November last year.
City Master Plan: In June last year, PropTiger introduced a new feature on its platform called City Master Plan, which would provide home buyers access to the city’s infrastructural development plan as outlined by the government. It would be gather government approved plans from civic authorities and merge them with maps of localities and the properties/projects in that locality listed on its platform, to provide users access to information such as land usage (proposed and current), major roads, linkages, highway development plans, railways, metros, rivers, drains and canals.