Real estate portal Magicbricks on Thursday said it has acquired property research and analysis portal Properji.com for an undisclosed amount.
Magicbricks Realty Services Ltd which operates Magicbricks.com in a statement referred to the acquisition as an acqui-hire, where a company is acquired for its talent rather than its products.
Properji.com, which started its operation in 2013, has presence in Bengaluru. The startup provides detailed research to buyers and has prepared reports for about 100 projects.
Magicbricks.com has acquired Invact Technologies, which runs Properji.com.
“We have acquired Properji.com which does independent analysis of projects. This will help the consumer to make an informed property buying decision,” Magicbricks.com CEO Sudhir Pai told PTI.
This is the first acquisition by the Magicbricks.com, he said, but it did not disclose the acquisition value.
“Given our reach and scale, we would be taking this platform to six metros including Bengaluru. We would like to prepare report for 10,000-15,000 projects, both completed and under-construction, having great demand,” Pai said.
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