Square Yards Acquires Oryden Tech Labs to Enhance its Design & Creativity Bandwidth
Indian real estate aggregator platform Square Yards acquires Oryden Tech Labs, a creativity & design studio based out of Ahmedabad.
In order to ramp up its online presence Square Yards has acquired Oryden, a creativity & design studio that specializes in 3-D architectural designs, process visualization, digital walkthroughs & virtual realities. Though not disclosed, the nature of the deal has been cash & equity. The entire team of Oryden will join Square Yards.
“Web is increasingly becoming the game changer in real estate industry with concepts like digital walkthroughs & virtual realities helping users visualize the property on web itself & take informed decisions, without actual property visit. Bringing in Oryden under the Square Yards umbrella will help us enhance our design & innovation bandwidth” Says Tanuj Shori, CEO, Square Yards.
It is the 3rd Acquisition in a row for Square Yards, which has recently acquired Realizing.net & Luxe. The former is a Singapore based luxury realty agency whereas the latter is an innovative property portal acclaimed for using some of the latest property search & analytics innovation.
Founded by Mr. Keyur Bhalavat, an IIM-Ahmedabad alumnus & Mr. Ravi Patel, a design wizard, Oryden started as a 3-D architectural design studio but soon but soon ventured into various other innovative designs such as industrial process design & virtual realities.
“The acquisition will be a great boost towards Square Yards digitization drive, both in volume as well as value. Besides, bringing in more projects online, Oryden will also be working extensively on the enhancement of Scapes- Square Yards proprietary online transaction engine ” Says, Mr. Biswaroop Padhi, Principal Partner & CMO, Square Yards.
“Me and the entire team is excited to come on board the Square Yards growth juggernaut. While we were doing great independently, the management and geographical bandwidth that Square Yards will help us with shall enable us to work on a wider range of projects and boost our R&D capabilities in holographic projections, 3D printing etc.” says Keyur Bhalavat, Co-founder, Oryden.
Square Yards, has recently introduced its e-commerce transaction engine named Scapes. Based on virtual reality & digital walkthroughs, the proprietary product has facilitated total transaction in tune of USD 50 million so far.
In the coming months, Oryden will be working on Scapes, wherein they will introduce advance versions of digital walkthroughs in which, the online user can voluntarily navigate through the property. It will be break through from existing platforms, in which users have to follow a predefined walkthrough plan.
The design & creative skills of Oryden will also be harnessed in the event business of Square Yards, wherein through 3-D projection, visitors will be able to see various real estate projects & learn more about them.
Square Yards, a real estate startup has recently crossed Rs 100 crore in revenues, with a gross transaction value in excess of USD 450 million. The startup did so by focusing on key business metrics- revenues, profitability and market share. It also scaled up its presence to 21 cities and seven countries with an employee strength of more than 900. Here is the company’s growth story.