Singapore-based Elara Applied sciences, proprietor of Housing.com, PropTiger.com and Makaan.com, in the present day introduced the acquisition of Gurugam-based tech-enabled rental brokerage platform FastFox.com. FastFox was valued at just below Rs 100 crores on the time of this transaction. With this acquisition, Elara has entered the online-to-offline residence leases house, which has a market alternative of over Rs 20,000 crores. The addition of FastFox.com to its portfolio permits Elara to supply a complete end-to-end service to landlords and tenants, thereby guaranteeing a major enchancment in client expertise. At the moment, Elara is rising at a market main price of greater than 60% y-o-y and the brand new acquisition will additional assist the corporate to grow to be the clear market chief in digital actual property within the nation.
FastFox.com is an online-to-offline (O2O) brokerage agency that works in partnership with different brokers and landlords to record residential properties on-line for rental functions. It permits residence seekers to verify photos and entry in-depth details about out there properties. Past listings and search, the corporate helps schedule home visits to allow fast closure with the owner. It makes use of know-how to make sure that 100% of the houses listed on FastFox.com are genuine and out there for instant go to and closure. Buyers in FastFox embrace Lightspeed Enterprise Companions and Blume Ventures amongst others.
Elara Applied sciences has constructed sturdy know-how and on-ground capabilities to supply a spread of providers to residence seekers, residence house owners, brokers and actual property builders. With the acquisition of FastFox.com, the corporate goals to transcend search and discovery for residence leases on its platforms and add on-ground help to each landlords and residential seekers. FastFox.com has pioneered the revolutionary ‘Open Home’ mannequin for leases in India, by which a home is open for viewing by residence seekers for a scheduled time period. This makes the method of renting handy for landlords, potential tenants and brokers. FastFox has additionally constructed a proprietary matching engine powered by information and machine studying, which ensures that solely related residence seekers go for home visits enabling quicker closing of transactions. At current, FastFox.com operates primarily within the Gurugram market and has grown considerably within the final twelve months to seize practically 5% share of the house leases market within the metropolis.
Dhruv Agarwala, CEO, Elara Applied sciences, stated, “Housing.com is without doubt one of the largest rental demand aggregators in India. With the acquisition of FastFox.com, we intention to catalyse our subsequent section of progress by driving on-ground transactions working carefully with residence house owners, residence seekers and brokers. We’re already the main online-to-offline participant within the shopping for and promoting of recent houses and we are going to convey to bear our learnings from there on the house leases market. We intend to make use of our capital and experience to broaden FastFox’s providing past Gurugram to different markets in India.”
Pallav Pandey, Co-Founder and CEO, FastFox.com, stated, “Housing.com’s information, know-how and demand era capabilities mixed with the distinctive on-ground fulfilment capabilities of FastFox.com is the right recipe for achievement within the residence leases market. The way forward for actual property tech shall be radically totally different from the current and Mukul Bhati, my co-founder, and I together with the FastFox group are extraordinarily excited to be a part of constructing this future together with Elara Applied sciences.”
Dev Khare, Associate, Lightspeed India Companions, stated, “We’re excited that Pallav, Mukul and the broader group at FastFox.com will now be capable to execute on their full-service rental brokerage imaginative and prescient with the Elara viewers, together with tens of millions of shoppers visiting Housing.com, Makaan.com and different Elara properties.”
Sajid Fazalbhoy, Principal Investments, Blume Ventures, stated, “We look ahead to group Fastfox executing their full stack model of rental beneath the huge Elara umbrella and seeing the enterprise proceed to convey improvements to the web actual property house.”
Dhruv Agarwala additional added, “We’re very excited in regards to the deal and its potential to rework the house leases market in India. I want to welcome Pallav, Mukul and your complete FastFox group to affix us in our journey to grow to be India’s main digital actual property platform.”
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