Singapore property listings startup 99.co has acquired UrbanIndo, one of the largest property sites in Indonesia.
The acquisition will add UrbanIndo’s 1.2 million active property listings to 99.co’s 150,000 in Singapore, tech industry news website Tech in Asia, which first broke the news, noted.
The terms of the deal are not known.
99.co confirmed the news via a press release without revealing the financial details.
The company said the UrbanIndo acquisition represents a key milestone in its bid to expand its footprint and become the No. 1 property technology company in Indonesia.
“The UrbanIndo team has built up critical leadership in product, listings and consumer demand that will put us on a 10 times growth trajectory in Indonesia,” Darius Cheung, co-founder and chief executive officer of 99.co, said in a statement, as per a Straits Times report.
Tech in Asia cited a source as saying that UrbanIndo was seen as an attractive target as the Indonesian firm has “the highest liquidity in terms of the number of new listings created by agents and other home sellers every month compared to all other property portals.”
“That is something that takes a long time to build and has a strong network effect and cannot be replicated overnight,” the source said.
The Indonesian site will retain its individual brand identity for the foreseeable future, according to the report.
For 99.co, the deal will provide the firm added muscle to take on competitors such as iProperty and Property Guru in the region.
99.co said in the statement that it plans to enter “other regional markets” in the second half of 2018.
The Singapore firm, which was founded in 2014, entered the Indonesian market in 2016, opening offices in Jakarta and Surabaya that focused on the new homes segment.
Crunchbase data shows that 99.co has raised a total of US$10.1 million to date. The three-year-old startup is backed by prominent investors such as 500 startups, Golden Gate Ventures, East Ventures, Sequoia India and Facebook co-founder Eduardo Severin.
The company saw its revenue grow three-fold in 2017 over the previous year’s level, according to the Tech in Asia source.
The startup is said to have broadened its revenue model to include market research and marketing services for real estate developers.
UrbanIndo launched its service in 2011. It did not disclose any further fundraising after a series A round.
– Contact us at [email protected]