Real estate portal Magicbricks acquired property research and analysis portal Properji.com for an undisclosed amount. Magicbricks Realty Services Ltd which operates Magicbricks.com in a statement referred to the acquisition as an acqui-hire, where a company is acquired for its talent rather than its products.
The acquisition brings on board Priya Maheshwari and Guruprasad Bangle, co-founders of Invact Technologies Pvt. Ltd that operates Properji.com. The news of the acqui-hire comes at a time when online realty portals have had to raise funds at lower valuations to stay afloat in a sluggish realty market or sell out to larger rivals.
Properji.com, which started its operation in 2013, has presence in Bengaluru. The start-up provides detailed research to buyers and has prepared reports for about 100 projects. Magicbricks.com is a leading realty portal and is owned by Magicbricks Realty Services Ltd which is a subsidiary of Times Internet Ltd. The portal has over 80,000 projects and over 1.2 million listings. Sudhir Pai is the CEO of Magicbrick.com
- Magicbricks, division of Times Internet Limited, a wholly owned subsidiary of Bennett, Coleman & Co. Ltd is a website that provides a common platform for property buyers & sellers to locate properties.
- property analysis platform Properji.com for an undisclosed amount and plans to come up with reports for more than 10,000 projects in six metros that would help prospective buyers in taking right decision.
- Magicbricks.com has acquired Invact Technologies, which runs Properji.com.
So lets do:
Magicbricks.com acquires Which property analysis firm?
Who is the CEO of Magicbrick.com+0?
Source – The Hindu