Square Yards acquires real estate data analytics startup PropsAMC
The entire team of PropsAMC, including its co-founders, have joined Square Yards but will operate with the same brand name, the company said in a statement.
Property and home loan brokerage firm on Friday said it has acquired , a data intelligence, asset management, and real estate services firm.
However, Square Yards did not disclose the deal value.
The entire team of PropsAMC, including its co-founders, have joined Square Yards but will operate with the same brand name, the company said in a statement.
PropsAMC was founded in 2016 by Anand Moorthy and Venkat Raghavan. It manages $1.5 billion worth of property assets on its Software as a Service (SaaS)-based platform for more than 100 clients, in addition to providing legal, technical, and valuation services.
"With PropsAMC, we are adding very unique and differentiated data intelligence and asset management capabilities to our integrated real estate ecosystem," said Tanuj Shori, Founder and CEO, Square Yards.
The company would invest heavily in the data capabilities of PropsAMC as it seeks to build the most comprehensive 'Housing Dictionary' for the Indian real estate that maps every single transaction (listing, sale, rent, or mortgage) for every organised real estate project in the top cities of the country, he added.
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PropsAMC would be scaled up globally as a consumer platform and be offered to all clients to help them manage their property portfolios, Shori said.
PropsAMC's data platform has over one million data points on more than 15 denominators to analyse transaction data (sale/lease), mortgage, government value, land ownership, land information, zoning, reservation, road-width, building permissions, and RERA details on a GIS-enabled interface to support pre- and post-transaction diligence.
The platform has extensive mapped data metrics of Mumbai Metropolitan Region (MMR), along with Pune, Gurugram and Chennai, and will add Hyderabad, Kolkata, Delhi, Ahmedabad, and Bengaluru soon.
PropsAMC is also piloting digital title search and property e-valuation platforms with some of the leading banks in India.
Delhi NCR-based Square Yards has so far raised $50 million in equity and over $25 million in debt financing since its inception in 2014.
Square Yards posted 13 percent year-on-year increase in its gross profit to Rs 32.8 crore for the quarter ending December 2020. The revenue rose 12 percent to Rs 89.2 crore in the quarter.
The gross transaction value (GTV) increased 35 percent to Rs 2,142.7 crore during the quarter from Rs 1,591.2 crore in October-December 2019.
Edited by Kanishk Singh