19th Feb 2020: Square Yards, India’s largest integrated real estate platform, today announced the acquisition of PropsAMC, a leader in Data intelligence, Asset management and Real Estate Services. The entire team of PropsAMC including its co-founders, have joined Square Yards team and will continue to operate under the larger umbrella with the same brand name.
PropsAMC was founded in 2016 by Anand Moorthy, ex Real Estate Head of RBS Private Banking, Karvy Private Wealth and ILF&S- Milestone Fund and Venkat Raghavan who previously worked with companies like Fidelity, GE Healthcare and Infosys in senior technology roles.
It currently manages USD 1.5Bn worth of property assets on its SaaS based platform for more than 100 clients in addition to providing legal, technical and valuation services to them. The platform has extensive mapped data metrics of MMR, Pune, Gurgaon, Chennai and will add Hyderabad, Kolkata, Delhi, Ahmedabad and Bangalore soon. The company is also piloting India’s first Digital Title Search and Property e-Valuation platforms with some of the leading banks in India.
Explaining the rationale behind the acquisition, Tanuj Shori, Founder and CEO, Square Yards, said, “With PropsAMC, we are adding very unique and differentiated Data Intelligence & Asset Management capabilities to our integrated real estate ecosystem. We will invest heavily in the data capabilities of PropsAMC with a vison of building the most comprehensive “Housing Dictionary” for Indian real estate that maps every single transaction (listing, sale, rent or mortgage) for every organized real estate project in the top Indian cities. The Asset management & Real estate Services platform will be scaled up globally as a consumer platform and be offered to all our clients to help them manage their property portfolios”
Talking about the alliance with Square Yards, Anand Moorthy, Founder & CEO of PropsAMC added, “ We find it amusing that despite real estate being 90% of wealth in India, it is not treated as part of an individual’s investment portfolio backed with data services and transaction support. This synergy is expected to open up deeper and exclusive engagement with our clients helping them recognize their real estate investment as a fundamental asset class from a mere transactional one.”
Source: Business World