Square Yards, India’s foremost proptech platform, has completed the acquisition of AI-based 3D visualization platform PropVR. The latter specializes in building digital experiences via 3D technologies, augmented reality and virtual reality. Both PropVR founders along with REAP (Real Estate Accelerator Programme) from investor Brigade Group, will be joining Square Yards in this all-stock transaction. This is the third acquisition by Square Yards in recent times post PropsAMC and Azuro. Existing investors, inclusive of real estate player Brigade Group, will be becoming co-investors in Square Yards on the basis of this acquisition.
As per estimates released by Goldman Sachs, the AR-VR market is anticipated to touch a whopping $80 billion by the year 2025. Global entities offering 3D visualization for physical spaces with specialized cameras, have also taken the public route. Matterport Inc. has been valued at more than $3 billion in this context. This is the third acquisition deal for Square Yards in only a few months. In 2020, it completed the acquisition of India’s biggest rental and property management platform Azuro and followed this up by acquiring PropsAMC. The latter is a firm specializing in asset management, data intelligence and real estate services alike. The transactions were the same all-stock swap deals.
The Founder and Chief Executive Officer at Square Yards, Tanuj Shori, stated that with the acquisition of PropVR, the platform is aiming at redefining the entire digital realty experience for all customers, property developers and agents. In the long haul, it is looking to fully digitize and index the built world through creation of digital twins for each single organized property in the country according to Shori. Square Yards’ internal accruals have financed the new acquisition. The company posted sequential growth of 30% for consolidated revenues, standing at Rs. 89.2 crore for the quarter concluding in December. This was Square Yards’ best ever quarter by way of revenues. Top-line revenues went up by more than 12% as compared to the year-ago period, spurred by the NRI and global property categories.
This new acquisition will offer more support for the real estate services stack at Square Yards, ranging from search and discovery to mortgages, transactions, rentals, interiors, post-sales service and property management. PropVR was founded by Sunder Jagannathan and Srinath Kandala and has an AI-based innovative platform that converts physical spaces or floor plans into highly interactive 3D walkthrough layouts in a few minutes as compared to the regular practice of several weeks. It can lower realty marketing spends by a whopping 80% while simultaneously enhancing levels of customer engagement by a massive 400%. The platform is immensely helpful for realty agents, developers, interior designers and architects for showcasing properties virtually to clients via immersive 3D walkthroughs along with in-built video conferencing options. The company is planning to unveil brand new 3D experiences on the Square Yards portal for users to search, navigate and explore through the whole realty landscape of any major city within the 3D environment. It is also planning to put up available inventory in real-time while facilitating end-to-end transactions on the platform in the near future.
The market for virtual, 3D and augmented reality is witnessing skyrocketing growth with the impact of the coronavirus pandemic. Real estate developers usually spend a large amount of time and money in enabling customers to visualize properties and spaces. Such innovative solutions take care of these needs going forward.
For a detailed report on this read the articles we were featured in:
The Economic Times :- https://bit.ly/3bWRyhe
Khaleej Times :- https://bit.ly/3tDr36F
Vccircle :- https://bit.ly/38T3OgS
Yourstory :- https://bit.ly/3lq9X9r
Yahoo News :- https://bit.ly/38Qt1IG
Money Control :- https://bit.ly/3tymtqg
Techcircle :- https://bit.ly/3cNzDIS
Financial Express :- https://bit.ly/2OZYIZ4
Outlook India :- https://bit.ly/3ltPCQE
RealtyNXT :- https://bit.ly/3vwWgdr
Realty+ :- https://bit.ly/39a5Md1
Published Date: March 17, 2021
