Singapore property listing portal 99.co announced that it has completed the acquisition of one of Indonesia’s largest property sites UrbanIndo for an undisclosed amount, said a statement on Monday (Jan 22).
The acquisition is a “key cornerstone” to 99.co’s push to become a top property technology company in Indonesia.
Launched in 2015, 99.co, which has over 150,000 listings in Singapore, entered the Indonesian market in 2016, opening offices in Jakarta and Surabaya to focus on the new homes segment.
UrbanIndo has more than 1.2 million listings in Southeast Asia’s most populous country.
Darius Cheng, co-founder and CEO of 99.co said: “The UrbanIndo team has built up critical leadership in product, listings and consumer demand that will put us on a 10-times growth trajectory in Indonesia.”
99.co is backed by investors including 500 Startups, Golden Gate Ventures, East Ventures, Sequoia India and Facebook co-founder Eduardo Severin.
“With numerous synergy between the teams in two countries, we will be delivering exciting new products to serve buyers, agents and developers, and aim to be the leading property technology company in Southeast Asia,” said UrbanIndo’s CTO Petra Barus.