Post acquisition, OoBI will function as the design studio of PropTiger, and offer products to engage and inform home buyers. It will help PropTiger in enhancing customer experiences as well as adding a new dimension to its customers’ home search process by making digital information more tangible.
OoBI is a digital interaction design company which provides interactive technology to real estate projects. It claims to have served about 270 projects by 45 real estate developers. The deal amount is still undisclosed by both companies.
PropTiger.com was founded in February 2011 by Mr Agarwala and Kartik Varma, guides customers through the entire process of buying a home, including search, property identification, price negotiation, documentation, home loan facilitation and post sales services. The company will look at more acquisitions that will help it enhance its content and technology and product offerings.
In November 2014, News Corp, the New-York based global media and information services company, had acquired a 25% stake in PropTige for $30 million. In 2012, the firm has raised $5 million in its second round of funding from PE firms SAIF partners and Accel. The first round of funding was concluded by a few individual investors in 2011.
At least 10,000 properties, with a combined value of over $1 billion, have already been bought by Indian homebuyers through PropTiger.com. It is estimated that India will be a $158 billion residential real estate market by 2020.