Elara Technology acquires home rental brokerage firm FastFox.com valued at Rs 100 crore
With this acquisition, Elara has entered the online-to-offline home rentals space, which has a market opportunity of over Rs 20,000 crores.
Elara Technologies today announced the acquisition of Gurugam-based tech-enabled rental brokerage platform FastFox.com which was valued at just under Rs 100 crores at the time of this transaction. With this acquisition, Elara has entered the online-to-offline home rentals space, which has a market opportunity of over Rs 20,000 crores. The addition of FastFox.com to its portfolio allows Elara to offer a comprehensive end-to-end service to landlords and tenants, thereby ensuring a significant improvement in consumer experience. Currently, Elara is growing at a market leading rate of more than 60 per cent y-o-y and the new acquisition will further help the company to become the clear market leader in digital real estate in the country.
Commenting on the transaction, Dhruv Agarwala, CEO Elara Technologies, which owns Housing.com, PropTiger.com and Makaan.com said, “Housing.com is one of the largest rental demand aggregators in India. With the acquisition of FastFox.com, we aim to catalyse our next phase of growth by driving on-ground transactions working closely with homeowners, home seekers and brokers. We are already the leading online-to-offline player in the buying and selling of new homes and we will bring to bear our learnings from there on the home rentals market. We intend to use our capital and expertise to expand FastFox’s offering beyond Gurugram to other markets in India.”
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Dhruv Agarwala further added, “We are very excited about the deal and its potential to transform the home rentals market in India. I would like to welcome Pallav, Mukul and the entire FastFox team to join us in our journey to become India’s leading digital real estate platform.”
Pallav Pandey, Co-founder & CEO of FastFox.com said, “Housing.com’s data, technology and demand generation capabilities combined with the unique on-ground fulfillment capabilities of FastFox.com is the perfect recipe for success in the home rentals market. The future of real estate tech will be radically different from the present and Mukul Bhati, my co-founder, and I along with the FastFox team are extremely excited to be part of building this future along with Elara Technologies.”
Speaking on the development Sajid Fazalbhoy, Principal Investments at Blume Ventures, said, “We look forward to team Fastfox executing their full stack version of rental under the vast Elara umbrella and seeing the business continue to bring innovations to the online real estate space.”
FastFox.com is an online-to-offline (O2O) brokerage firm that works in partnership with other brokers and landlords to list residential properties online for rental purposes. It allows home seekers to check pictures and access in-depth information about available properties. Beyond listings and search, the company helps schedule house visits to enable quick closure with the landlord. It uses technology to ensure that 100 per cent of the homes listed on FastFox.com is authentic and available for immediate visit and closure.
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