Elaria Technologies, the owner of Housing.com, Makaan, and Prop Tiger has now acquired a housing rental firm, FastFox, for close to 100 Crore. Through this deal, Elaria Technologies has now successfully leaped into the home rentals space. This is a market that is worth more than 20,000 Crore.
“Until now we were in the home rentals market through listings on both our platforms, Housing.com and Makaan.com. With this acquisition, we will now provide end-to-end on-ground assistance to both landlords and tenants in collaboration with other brokers,” said Dhruv Agarwala, the CEO of Elara Technologies.
He also added the company plans to retain the current structures and employees of FastFox. Speaking about the same, he said “For the time being, we will retain the FastFox brand,”
With a growth rate that is more than 60% year on year, Elaria Technologies should now become a market leader within the space of digital realty, especially now that they have acquired FastFox.
“We intend to use our capital and expertise to expand FastFox’s offering beyond Gurugram to other markets in India,” said Dhruv Agarwala when asked about his plans for expanding the reach of FastFox.
When asked about this development, the Founder and CEO of FastFox, Mukul Bhati, 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.”
FastFox has been performing well in its field. It has captured 5% of the market in Gurugram with its Online to Offline (O2O) business model. As the rental market is a huge one, this was a good time for Elaria Technologies to swoop in and buy out the company. With their resources, they should be able to increase the company’s offerings to rentals in the rest of Delhi NCR, along with India quite effortlessly. This deal was announced recently in the media and though the official figure has not been revealed, people who know about it have quoted it to be close to 100 Crore. Let us see how quickly this evolves from a company that functions primarily in Gurugram to a country-wide one.