Online real estate advisor PropTiger.com has acquired Bangalore-based Out of Box Interaction (OoBI), a digital interaction design company that specialises in displaying real estate projects in an immersive way. The transaction details are not disclosed.
Post the deal, OoBI will function as the design studio of PropTiger.com, where it will continue to work closely with developers in enhancing customer experiences.
Started in 2012 by IIT Bombay alumni Atish Patel and Kumar Ahir, OoBI aims to make digital interactions natural, tangible and fun for Indian consumers. OoBI provides interactive products and solutions to businesses in real estate, interiors and retail industries.
By employing natural interaction through multi-touch hardware and software business intelligence and analytics, OoBI has developed its products and solutions for more than 42 top real estate developers in India, facilitating the sale of over 270 projects across the country, said an official statement.
Since its inception in 2010, PropTiger.com is an online advisor that guides customers through the entire process of buying a home, including search, property identification, price negotiation, documentation, home loan facilitation and post sales services. Its features include heat maps, portfolio trackers, livability and safety scores to provide a good buying experience to customers. Till date, around 10,000 properties worth over INR 8,000 crore (US$1.3 billion) have been purchased through PropTiger.com, which has presence in all major real estate markets in India.
“The acquisition of OoBI will help us in adding a new dimension to our customers’ home search process by making digital information more tangible and interactive. OoBI will work as PropTiger’s design and innovation studio and offer products to delight, inform and engage home buyers,’’ said Dhruv Agarwala, Co-founder and CEO, PropTiger.com.
Online real estate is one of the hottest industries in India that has attracted millions of dollars in investments from domestic as well as international VC funds in the past two-three years. Leading startups operating in the space include Housing, 99acres, CommonFloor and IndiaProperty.