Singapore's property search start-up 99.co has acquired Indonesia's UrbanIndo - said to be the largest property portal in Indonesia, with more than 1.2 million active listings - for an undisclosed amount.
With the acquisition, 99.co is believed to be among the largest property listing portals in Singapore and Indonesia. Property consumers in both countries can now access 99.co for all property-related transactions.
99.co said on Monday that acquiring UrbanIndo will be a key cornerstone to its continual growth to become the No. 1 property technology company in Indonesia.
Darius Cheung, co-founder and chief executive officer 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."
Petra Barus, chief technology officer of UrbanIndo, added that both teams will deliver "exciting new products" to serve buyers, agents and developers.
99.co first entered the Indonesian market in 2016 as part of its expansion across South-east Asia, with offices in Jakarta and Surabaya that focused on the new homes segment. To date, 99.co has garnered the support of more than 4,000 property agents and key partner agencies such as Century21 and ERA Indonesia.
Headquartered in Singapore, 99.co has amassed more than 150,000 active home listings since its launch in 2015. It is backed by investors, including 500 Startups, Golden Gate Ventures, East Ventures, Sequoia India and Eduardo Saverin.