Info Edge (India), the prent firm of Naukri.com & 99acres, announced that it has invested through its wholly-owned subsidiary, approximately Rs 30 million (~ US$0.4 million) in Bangalore-based Zippserv, a technology-driven real estate risk assessment platform. With this investment, Info Edge has picked up substantial 45% stake in the Ideaclicks Infolabs, which owns and operates Zippserv.
Earlier in May 2017, Info Edge had invested Rs 2.4 crores in ZippServ for 28% stake. And, with the latest additional fresh investment, Info Edge now owna 73% of majority stake in Zippserv.
Founded in 2015 by Debashish Hota and Sudeep Anandapuram, Zippserv provides a comprehensive real estate risk assessment platform covering legal and technical/civil engineering due diligence, encroachment & fraud detection services all under one roof.
The platform essentially empowers buyers by removing the information asymmetry that exists in todays real estate sector, has recently expanded into other markets and launched an array of products — CleanProperties and PricePoint.
CleanProperties provides instant access to land titles, conversion records, building approvals, liens and litigations for thousands of ongoing apartment projects. While PricePoint’s analytics engine tracks lakhs of recently registered sale transactions and gives granular actionable insights for buyers at a project level so that buyers get an advantage in negotiations.
Zippserv currently has over 400 under construction projects listed in Bangalore and it claims that this will be expanded to 1000 plus projects in the next few months. The platform lists out all the information a home buyer needs in order to begin their property search. Buyers can start their home buying journey by looking at a curated list of projects in the locality/ neighbourhood where they intend to buy.
Previous Activity in Real Estate-Tech
Recently, Brigade REAP, the first accelerator in Asia to focus on Real Estate, on-boarded 5 Realty startups for its fourth Cohort. With over 80 start-ups having applied to the program, 11 Start-ups were shortlisted out of which 5 were inducted into the program.
Last July, Bengaluru-based QwikSpec, an end-to-end real-estate site operations platform startup, had raised Rs. 3.5 crores in funding from a consortium of investors led by Brigade Innovations LLP and industry veteran Mohandas Pai.
Last year in January, Reliance Group-backed oline to offline (O2O) real estate transaction startup, Square Yards, raised $10 million funding in the form of convertible notes from multiple individual investors primarily based outside India.
Prior to this, Quikr India bought HDFC Realty and HDFC Developers, real estate-based subsidiaries of HDFC Bank, in an all stocks deal to become India’s leading online-to-offline real estate platform and offer consumers end-to-end home buying services.
Info Edge Investments
Speaking about Info Edge’s investment history, the company is known for supporting big brand ventures in their early days. It has invested in Zomato, Policybazaar, Meritnation, BigStylist and other startups, in their early days.
Recently, Info Edge announced that it had signed an agreement with SoftBank to jointly invest USD 90 million in Etechaces Marketing and Consulting, the parent of PolicyBazaar.
In June 2016, Info Edge had also acquired minority stake in two startups — VCare Technologies and Unnati Online Pvt Ltd. VCare offers phone directory app called Diro Labs; and Unnati runs a platform called Unnati Helpers to hire domestic help.
Source – Economic Times
[Top Image – Zippserv Team | Via – YourStory.com]
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