India’s largest tech enabled Real Estate Brokerage and Mortgage Marketplace, Square Yards, has acquired data intelligence and asset management firm PropsAMC, the company said in a statement.
The management and entire team of PropsAMC, including its co-founders, have joined Square Yards and will operate under the parent brand name.
PropsAMC was founded in 2016 by Anand Moorthy and Venkat Raghavan. Moorthy had earlier worked with RBS Private Banking, Karvy Private Wealth and ILF&S – Milestone Fund, while Raghavan was previously associated with companies such as Fidelity, GE Healthcare and Infosys.
As per the statement, PropsAMC currently manages $1.5 billion (about Rs 10,883 crore) worth of property assets on its SaaS-based platform for more than 100 clients in addition to providing legal, technical and valuation services to them.
PropsAMC is currently present in the Mumbai Metropolitan Region, Pune, Gurugram, Chennai and will add Hyderabad, Kolkata, Delhi, Ahmedabad and Bengaluru soon.
“With PropsAMC, we are adding data intelligence and asset management capabilities to our integrated real estate ecosystem. We will invest heavily in the data capabilities of PropsAMC with a vision of building a ‘housing dictionary’ for Indian real estate that maps every single transaction (listing, sale, rent or mortgage) for every organised real estate project in top Indian cities,” said Tanuj Shori, founder and chief executive officer, Square Yards.
Anand Moorthy, founder and chief executive officer, PropsAMC, added: “We find it amusing that despite real estate being 90% of the wealth in India, it is not treated as part of an individual’s investment portfolio backed with data services and transaction support. This synergy is expected to open up deeper and exclusive engagement with our clients, helping them recognise their real estate investment as a fundamental asset class from a mere transactional one.”
Square Yards claims it has expanded globally in Middle East, Australia and Canada with current presence across 9 countries and 25+ cities.
