Online property search platform Realizing.in to merge with realty advisory Square Yards
Real estate advisory Square Yards has entered into agreement to merge itself with tech platform for online property search Realizing.in.
With this alliance, the entire team of Realizing.in will join Square Yards, with its founders-- Vivek Agarwal and Hitesh Singla--joining Square Yards' executive committee as partners. The portal would be rechristened as Square Yards and the group will continue to build research under Realizing.in brand. Post this merger, Square Yards’ employee count will increase to around 700 from current 650.
“We are very excited to bring in the expertise of Realizing.in team to merge with the strong execution capability of Square Yards. With Square Yards already leading the transactional space having become leading pan India player in just 18 months since start up, pseudo monopoly in NRI markets, and having transacted $350 million worth of real estate since start of its operations; the joining of Realizing team adds the much needed technology bandwidth to achieve larger scale,” said Square Yards's CEO and Co-Founder, Tanuj Shori.
The company, in its bid to build global project portfolio capabilities, would continue to look for opportunities in regions like Asia Pacific and Middle East to further augment its global product offerings, Shori said.
The merger is aimed at scaling up end to end transactional abilities of the combined entity and increase Square Yards’ bandwidth to consolidate its market share in the real estate advisory space.
“We believe beyond complimentary skill sets across the value chain, it is the common vision and belief to lead end to end capabilities that brought us together. We were amazed by global execution capabilities of Square Yards and its growth story – the fact that they have become number one in such a short time and are clocking more revenues than any other online or organized offline player in India,” said Vivek Agarwal, Co-Founder, Realizing.in.
Square Yards, with its presence in 20 cities and 5 countries, had clocked revenue of $8 million in its first year of operations in 2014 and is targeting $25 million revenues in the current year.