PropVR, an AI-focused platform that digitizes property listings using 3D technology, and virtual and augmented reality, has been acquired by Indian proptech giant, Square Yards.
Tanuj Shori, Founder and CEO of Square Yards, commented:
“With PropVR, we are not only looking to redefine the digital real estate experiences for our customers, agents, and property developers but in the long term, we want to digitize and index the built world by creating the digital twins of every single organized property in India.”
With the addition of PropVR, Square Yards’ portfolio of real estate services will bring even more convenient and forward-thinking technology to its consumer base.
As part of the deal, the two PropVR founders will join Square Yards in senior leadership roles. And with PropVR comes its investors, including realty developer Brigade Group’s Real Estate Accelerator Programme (REAP). Square Yards’ internal accruals financed the acquisition. Square Yards registered 30% sequential growth in consolidated revenue at Rs89.2 crore (approximately US$12 million) for the fiscal quarter ended December.
PropVR was founded by Srinath Kandala and Sunder Jagannathan. It offers technology that can easily and accurately convert floor plans or physical space into interactive 3D walkthroughs in a matter of minutes. This can cut real estate marketing costs by 80% and increase customer engagement by up to 400%.
This is just the latest in a number of acquisitions within the last few months for Square Yards. It acquired Azuro, a rental and property management platform in 2020, followed by data intelligence, asset management, and real estate services firm, PropsAMC.