Online real estate firm PropTiger has acquired Mumbai-based startup PropRates, which provides data related to real estate transactions, for an undisclosed amount.
The acquisition will enable PropTiger to provide consumers price-related information on the property market, the company said in a statement. The company said it will introduce PropRates' services first in Mumbai, followed by nine more cities.
This is the second buyout by PropTiger, which also owns real estate portal Makaan.com, in as many months. It had acquired Gurgaon-based augmented reality and 3D visualisation startup 3DPhy last month.
"With this acquisition, PropTiger will be able to augment its existing DataLabs offerings," said Dhruv Agarwala, CEO of PropTiger.com and Makaan.com. "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 was founded by Abhishek Malhotra and Rohan Dey in 2015. The PropRates team will come on board at PropTiger and will continue to build on their data gathering and analysis expertise to augment their offering, the company said.
PropTiger had last year acquired Bengaluru-based OoBI Media Solutions Pvt. Ltd, which operates a digital interaction design startup under the Out of Box Interaction brand.
News Corp, which holds a significant stake in PropTiger, also owns the parent of this news website.
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