10M Downloads

Today’s NewsQuick ReadsE-PaperStockRecosStream
Read on App

Square Yards acquires PropVR, AI-based 3D visualisation platform

Synopsis

Both the founders of PropVR, as well as investor Brigade Group's REAP, will join Square Yards, as part of the all-stock deal. This is Square Yards' third acquisition in recent months, after Azuro and PropsAMC.

Mumbai: Proptech platform Square Yards has acquired PropVR, an AI-based platform specialising in creating digital property experiences using 3D technologies, virtual reality and augmented reality.

ADVERTISEMENT
Both the founders of PropVR will join Square Yards in senior leadership roles, as part of the all-stock deal. PropVR’s existing investors, including realty developer Brigade Group’s Real Estate Accelerator Programme (REAP), have also become co-investors in Square Yards as per the terms of this acquisition.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering CollegeCourseWebsite
IIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisit
Indian School of BusinessISB Professional Certificate in Product ManagementVisit
IIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisit
According to Goldman Sachs’ estimates, the VR-AR market is expected to reach $80 billion by 2025. Global players, which provide 3D visualisations of physical spaces using specialised cameras, have also gone public, with Matterport Inc. valued at over $3 billion.


This is Square Yards’ third acquisition in the space of past few months. Last year, it acquired Azuro, one of the largest rental and property management platforms in India, followed by acquisition of data intelligence, asset management and real estate services firm PropsAMC in a similar all stock-swap transaction.

“With PropVR, we are not only looking to redefine the digital real estate experiences for our customers, agents and property developers but in the long term, we want to digitise and index the built world by creating the digital twins of every single organised property in India,” said Tanuj Shori, founder and chief executive officerr of Square Yards.

The acquisition has been financed through Square Yards’ internal accruals. The company had registered 30% sequential growth in consolidated revenue at Rs 89.2 crore for the quarter ended December, making it the best quarter ever for the company in terms of revenue. The topline rose over 12% from a year ago, driven mainly by the international property and NRI segments.
ADVERTISEMENT

The new acquisition is expected to support Square Yards’ stack of real estate services from search and discovery, transactions, mortgages, interiors, rentals, property management and post-sales services.

Founded by Srinath Kandala and Sunder Jagannathan, PropVR’s AI based platform can convert a floor plan or physical space into an interactive 3D walkthrough in minutes as against the standard norm of weeks and can cut the real estate marketing spends by 80% while increasing the customer engagement levels by up to 400%.
ADVERTISEMENT

The platform helps property developers, real estate agents, architects, and interior designers to virtually showcase the properties to their clients using immersive 3D walkthroughs and inbuilt video conferencing solutions.

The company plans to launch new 3D experiences on its portal, squareyards, where users can search, explore and navigate the entire real estate landscape of a city in a 3D environment. It plans to showcase real time inventory availability and enable end to end transactions on this platform going forward.
ADVERTISEMENT

Real estate companies usually spend significant budgets and time in helping customers and stakeholders visualize their property spaces. With the impact of the Covid19 pandemic, the market for 3D, virtual and augmented reality visualizations is growing faster than ever.

READ MORE ON

NEXT STORY