Nigeria’s ToLet Acquires Jumia House Nigeria
Call it Nigeria’s first merger and acquisition deal in the e-commerce space, and you’d be right.
Nigeria’s online property classifieds portal, ToLet.com.ng, has joined its investors, Frontier Digital Ventures, to acquire Jumia House Nigeria, a competing property portal, for an undisclosed sum.
In a statement made available to Bounce News, ToLet.com.ng will now merge the two platforms over the coming months, under a new name - PropertyPro.ng.
ToLet.com.ng currently has around 60,000 listings on its platform, whilst Jumia House Nigeria has around 22,000, the clear majority of which are property listings for sale.
In 2016, ToLet secured Series A investment of $1.2 million, led by Frontier Digital Ventures, FDV, to expand its operations.
The Brainchild of Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni, ToLet.com.ng launched in 2013 as an online estate agency, but pivoted in January 2017 to become a property classifieds platform and has since grown from 150 to 10,000 agents.
“The acquisition of Jumia House Nigeria has placed us in prime position to better serve the growing real estate market in the country.
“Our combined businesses, ToLet.com.ng and Jumia House Nigeria, have the scale and the resources to transform the online property sector for the benefit of property developers, real estate agents and property seekers alike.
“As we transition to PropertyPro, consolidating listings from ToLet.com.ng and Jumia House Nigeria, there is a brilliant opportunity to ensure Nigeria’s fluid and vibrant property market is underpinned by a robust, innovative technology. which PropertyPro.ng promises to offer,” said Fikayo Ogundipe, CEO and Co-Founder of ToLet.com.ng while speaking about the acquisition.
“We want PropertyPro.ng to be the first website Nigerians think of when they are looking to research, buy or rent a property, On the other hand, Agents on our platform will now be to reach more potential buyers, investors and tenants than any other portal in the country,” added co-founder and Chief Business Officer of ToLet, Sulaiman Balogun.
This is still a developing story, Bounce News will bring you more details as they come.
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