Southeast Asian actual property portal 99.co has agreed to kind a three way partnership with iProperty. As a part of the deal, iProperty proprietor REA Group will make investments $eight million of working capital into the enterprise, anticipated to be finalized by the second quarter of 2020.
99.co and REA Group, an actual estate-focused digital promoting conglomerate that’s listed on the Australian Securities Change (ASX), say that the JV instantly makes 99.co the market chief in Indonesia and positions it to take the highest spot in Singapore, as properly. The deal additionally makes 99.co a extra formidable rival to PropertyGuru. Backed by TPG Capital and KKR, PropertyGuru is anticipated to raise up to AUD $380.2 million (about USD $255.9 million) in an IPO on the ASX this month.
The three way partnership is anticipated to be finalized by the second quarter of 2020 and 99.co will assume full management of REA Group manufacturers iProperty.com.sg in Singapore and Rumah123.com in Indonesia. The JV will probably be led by 99.co’s administration crew, together with co-founder and CEO Darius Cheung.
99.co’s final spherical of funding was a $15.2 million Sequence B, announced in August, that the corporate says took its valuation to over $100 million.
In a press assertion, Cheung mentioned “We’re coming for market management. It is a key milestone that positions us immediately as primary in Indonesia, and properly on our approach to that in Singapore. Our revolutionary DNA plus REA’s unmatched expertise and sources makes this partnership a deadly mixture Southeast Asia has not seen earlier than.”
The corporate’s present shareholders, together with Fb co-founder Eduardo Saverin, Sequoia Capital, MindWorks Ventures, Allianz X, East Ventures and 500 Startups, can have a mixed stake of 73%, with REA Group holding the remaining 27%.
Launched in 2014, 99.co was created to make actual property listings extra navigable for renters and patrons in Singapore and different Southeast Asian markets. REA Group owns portals in Malaysia, Hong Kong, Indonesia, Singapore and China, and a property overview website in Thailand. It is usually a stakeholder in Transfer, the American actual property website, and Indian property portal PropTiger.