Launched two years ago as a joint venture of Avito and South African platform Property24, Domofond.ru has grown into the largest national real estate portal with a monthly audience of approximately four million people, according to LiveInternet. The portal’s app has been downloaded more than three million times.
The acquisition is strategic play for the property portal market, with a large share of Avito’s revenue now coming from its own property arm, Avito Real Estate.
“Domofond.ru has proved itself through its rapid growth since inception,” said Avito’s CEO, Vladimir Pravdivy.
“Now we look forward to further leveraging Avito’s infrastructure and database to build an even stronger offering.”
A statement from the company revealed Avito will retain both brands and continue to invest in Domofond.ru. The Domofond team will join with the existing one for Avito Real Estate, with the newly combined and expanding team to be managed by current Domofond CEO, Erik Segerborg.
“The work with Domofond.ru has taught us a lot about the real estate industry,” said Segerborg. “By now really joining forces we are looking forward to further advance our position, especially in the places where we have strong competition.
“Our goal is to become an incontestable reference both for private and professional real estate users.”