New Delhi, Feb 19 (PTI) Property and home loan brokerage firm Square Yards on Friday said it has acquired PropsAMC, a data intelligence, asset management and real estate services firm.
Square Yards however 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 USD 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 to them.
'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 organized real estate project in the top cities of the country, he added.
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 1 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 & post transaction diligence.
The platform has extensive mapped data metrics of Mumbai Metropolitan Region (MMR), Pune, Gurugram, 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.
NCR-based Square Yards has so far raised USD 50 million in equity and over USD 25 million in debt financing since its inception in 2014.
Square Yards posted 13 per cent increase year-on-year in its gross profit to Rs 32.8 crore for December quarter 2020. The revenue rose 12 per cent to Rs 89.2 crore in the quarter.
The gross transaction value (GTV) increased 35 per cent to Rs 2,142.7 crore during the quarter from Rs 1,591.2 crore in October-December 2019. PTI MJH MJH ANU ANU