ToLet.com.ng ups online property listing stake with acquisition of Jumia House
by FRANK ELEANYA
November 14, 2017 | 2:37 am| | | Start Conversation
In what could perhaps become the most significant acquisition in the Nigerian online property space in 2017, ToLet.com.ng has announced the acquisition of Jumia House Nigeria for an undisclosed amount.
The deal was completed last week by ToLet.com.ng in conjunction with existing investors, Frontiers Digital Ventures (FDV). The acquisition will see the two platforms, ToLet.com.ng and Jumia House merged into a bigger venture under a new name PropertyPro.ng which could make the clear leader in the property listing market space in Nigeria.
The merger also means that ToLet.com.ng with over 60,000 listings on its platform and Jumia House Nigeria with about 22,000 will combining their strength to provide a bigger listing market customers looking to buy or lease properties in Nigeria.
ToLet.com.ng had in 2016 secured a $1.2 million Series A investment from FDV as part of expansion drive. FDV could leverage the inclusion of Jumia House into the growing investment portfolio to expand its operation in African countries like Angola and Ghana.
“The acquisition of Jumia House Nigeria has placed us in prime position to better serve the growing real estate market in the country,” said Fikayo Ogundipe, CEO and Co-founder of ToLet.com.ng, in a statement BusinessDay received. “Our combined businesses – ToLet.com.ng and Jumia House Nigeria – have the scale and the resources to transform the online property sector for the benefit of property developers, real estate agents and property seekers alike. As we transition to PropertyPro, consolidating listings from ToLet.com.ng and Jumia House Nigeria, there is a brilliant opportunity to ensure Nigeria’s fluid and vibrant property market is underpinned by a robust, innovative technology which PropertyPro.ng promises to offer.”
ToLet.com.ng was launched in 2013 by Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni, as an online estate agency. It was later transformed in 2017 into a property classifieds platform and has since grown from 150 to 10,000 agents.
The statement disclosed that the company has recorded 15 percent growth month-on-month across all metrics. These include number of listings, traffic and subscribing agents and the 60-man team that now works with thousands of businesses across every state in Nigeria.
“We are now working with an entire generation who are now accustomed to heading online as a first port of call for rental or purchase of properties,” said co-founder, Sulaiman Balogun, “We are on a steep growth trajectory, and are now in the very best position (with this acquisition) to deliver a world class property search service. We want PropertyPro.ng to be the first website Nigerians think of when they are looking to research, buy or rent a property.”
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