Post acquisition, the team of PropRates will come on board at PropTiger. The startup will continue to build on their data gathering and analysis to augment and fine-tune their offering, with the available resources at Proptiger.
With this acquisition, PropTiger aims to provide real-time access to actionable price- related information on the property market. The services will be first launched in Mumbai. The next phase of expansion will see another nine cities being added.
Commenting on the development, Dhruv Agarwala, CEO, PropTiger.com said, “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.”
PropRates was founded by two techies, Abhishek Malhotra and Rohan Dey, in 2015. It aims to create transparency in the real estate market and help users make more-informed property decisions.
The PropRates solution provides customers with a benchmark for property-related decisions by providing the actual transaction value of the latest buy or rent transaction closed, in a complex or locality. It gathers actual real estate transaction data.
PropTiger was founded by Dhruv Agarwala, Kartik Varma and Prashan Agarwal in 2011. It is funded by News Corp, SAIF Partners, Accel Partners, and Horizen Ventures. Since inception, it has catered to over 15,000 customers. Last month, PropTiger had acquired Gurgaon-based startup 3DPhy to extend its lead in 3D visualisation and other technology solutions.