OLX, a global classifieds marketplace backed by Naspers, and Properati, a real-estate marketplace with operations across Latin America, will merge its operations in Argentina and 13 other countries in the region. Properati will continue to operate independently in Brazil, Chile and Mexico. Previous venture capital investors in Properati include NXTP Labs and NEVEQ.
(Press Release) OLX, one of the world’s leading classifieds marketplace, and Properati, leading real estate platform from Argentina, have come to an agreement to join forces in Latin America. The deal, expected to be closed in the next 30 days, strengthens OLX presence in the Latin American real estate market by expanding its portfolio with a product that delivers world-class UX design and a team with over 10 years’ experience in the category.
The agreement also includes full ownership of Credirati, a platform that streamlines the mortgage loan acquisition process, contributing to OLX’s strategy to expand its offering to its over 2,500 professional clients across the region.
“For us, this merge means the incorporation of a team with excellent technical skills and it is a huge step towards our consolidation as market leaders in the online real estate market, not only in Argentina but throughout Latin America. Our growth opportunity in the real estate market is huge if we consider that, in 2016, the region had over 68,000 professional sellers and its total revenue from ads exceeded 43 million dollars. A platform like Properati, with its many business units, allows us to deliver a much more sophisticated product to our users,” stated Ariel Meyer, Head of Latin America at OLX, who led the negotiations.
“We’re very happy to join forces and excited to bring with our expertise and knowledge of the real estate market to OLX. This investment will allow us to take Properati to the next level, and reach many more users from OLX, benefiting the entire sector in Latin America”, says Gabriel Gruber, co-founder and co-CEO of Properati, who will continue to lead the business together with Matín Sarsale, co-founder and current CTO, at OLX.
The agreement is valid for Argentina, where Properati has already established a renowned position, and for 13 other Latin American countries, enabling the company to reach a broader regional community that is interested in this type of solution. The deal excludes Brazil, Chile and Mexico, where the brand will continue to operate independently.
About OLX and the OLX Group
OLX is part of OLX Group, a global tech product company which operates a network of market-leading classifieds platforms in over 40 countries.
With more than 330 million monthly users worldwide, the OLX Group makes it fast and easy to buy and sell almost anything online, such as household goods, phones, cars and real estate. Through its 17 consumer brands, which include Avito, dubizzle, letgo, and OLX, more than 15 million items are exchanged on its platforms every single month. OLX Group is powered by a team of 5,000 people, operating from +30 offices across five continents.
OLX Group is Naspers company. Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 120 countries and markets with long-term growth potential, it runs some of the world’s leading platforms in internet, video entertainment, and media.
About Properati
Properati is a web and mobile platform that was created to change the way in which people buy, sell and rent real estate in Latin America. Properati offers home seekers and real estate investors much more than just listings, it provides them with valuable information for better decision-making, including average prices, neighborhood character, and comparison charts.