The Southeast Asian marketplace operator Carousell has spun off a specialist real estate vertical site from its Vietnamese horizontal classifieds site Cho Tot.
Nha Tot will be the specialist website dedicated exclusively to real estate adverts and will be in direct competition with PropertyGuru-owned Batdongsan.
The opportunity to spin off a specialist real estate site to compete with PropertyGuru was made more attractive by the news that Soft Bank-backed Propzy was to shut down after talks to be taken over by 99 Group broke down in September 2022.
99 Group itself had been in merger talks with Carousell last year. Those talks ultimately broke down after Carousell's failed SPAC listing. 99 Group may still be looking for a way into the Vietnamese market after quietly raising an extra $11m extension of its Series C round this month.