Forms "Joint Venture" with REA Group, 99.co Now Leads iProperty and Rumah123 Business

Service developer proptech 99.co yesterday (08/10) announced the company's action in "j" with REA (Real Estate Australia) Group. The agreement will bring REA's two digital property channels, namely iProperty.com.sg (operating in Singapore) and Rumah123.com (operating in Indonesia), managed by 99.co to win the Southeast Asian market.

In j At this time, REA also invested US$8 million to support development and growth. Business-wise, the three services will merge, with 99.co Co-Founder & CEO Darius Cheung taking the lead.

In a press release published by REA Group, it is mentioned the company j was established through the transfer/merger of 99.co, iProperty.com.sg, and Rumah123. 99.co's current shareholders, including co-founder Sequoia, Facebook founder Eduardo Saverin, Allianz X, MindWorks Ventures, East Ventures and 500 Startups will have a 73% stake in the JV company. REA Group will be the largest shareholder with 27% share ownership.

Previously, iProperty Group (the parent company of Rumah123.com) was acquired by REA in November 2015 with a total purchased stake of AU$578 million or around Rp. 5,5 trillion.

"We have come to lead the market. This is an important milestone that has established us as the number 1 property portal in Indonesia and on our way to number 1 in Singapore. Our innovative DNA coupled with REA experience makes this a 'deadly' partnership, unprecedented in Indonesia. Southeast Asia," said Darius.

At the beginning of 2018, 99.co has also done full acquisition to the local property portal UrbanIndo. Currently the data is fully migrated. The company is getting more aggressive after August 2019 and getting series B funding valued at $15,2 million, placing the Greater Jakarta area as their main market.

"Over the past two years we have admired the innovation and speed that Darius and his team have brought to the markets they serve. Our great combination of talent, technology, digital expertise and customer relationships will add to the company's ability to compete and win in Singapore and Indonesia, " said Henry Ruiz, CSO & CEO of Asia Rea Group.

Earlier this year, Rumah123 pointed to Maria Herawati Bead to be their new Country Manager, replacing Ignasius Untung. Together with the new leader, Rumah123 is focused on improving the user experience through the digital innovations it brings.

In the regional area, one of the competitors in this business is PropertyGuru. They operate several services proptech in several countries, including Rumah.com in Indonesia.