99.co, a Singapore-based real estate portal, announced today it has acquired UrbanIndo.com, an Indonesian property website with 1.2 million listings. The financial details of the deal were undisclosed.
The deal means that UrbanIndo customers in Singapore and Indonesia will have access to the 99.co listings in both countries. It also significantly increases the number of properties on 99.co, which had 150,000 active home listings in Singapore before the acquisition.
99.co also said it plans to enter other regional markets in the second-half of 2018. Furthermore, the company hinted that this would not be the final acquisition.
Prior to the acquisiton, UrbanIndo was Indonesia’s largest independent property portal, but was fourth nationally. The other two portals are owned by iProperty and PropertyGuru respectively.
Almost exactly one year ago, 99.co launched in both Surabaya and Jakarata but focussed on building its sales network rather than selling properties. In doing so, it helped about 4,000 real estate agents facilitate US$150 million worth of transactions over the year. The startup also has partnerships with both Century21 and ERA Indonesia.
Now with UrbanIndo under its umbrella, 99.co has the entire supply chain in its portal.
“We are incredibly excited to welcome the UrbanIndo team to join the family, they have an incredible team and have built up critical leadership in product, listings, and consumer demand that will put us on a 10x growth trajectory in Indonesia,” said Darius Cheung the CEO of 99.co in a statement.
Besides the launch and growth in Indonesia, 99.co has also been in the news over a copyright lawsuit with regional rival PropertyGuru.
99.co has received investment from 500 Startups, Golden Gate Ventures, East Ventures, Sequoia India and Eduardo Saverin.