This is an interesting acquisition. ToLet.com.ng, which is arguably Nigeria’s leading online property classifieds portal, in conjunction with their lead investor, Malaysia based Frontier Digital Ventures, have acquired Jumia House Nigeria.
The acquisition is rather interesting because ToLet.com.ng is estimated to be a $1.2 million startup while Jumia House Nigeria is part of a $1 billion company. The companies did not disclose the sum for the acquisition.
ToLet.com.ng launched in 2013 as an online estate agency, and by January 2017, it grew to become a property classifieds platform significantly increasing its agents from 150 to 10,000 agents. The company is the Brainchild of Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni.
With the acquisition, ToLet is acquiring the entire Jumia House platform — staff, assets, and their listings and agent network. The new PropertyPro entity will combine ToLet’s 60,000 listings to Jumia House’s 22,000 to create the largest online real estate listings platform in Nigeria with 65 percent of the market, according to Balogun.
Fikayo Ogundipe, CEO and Co-Founder of ToLet.com.ng says, “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.”
Sulaiman Balogun, Co-Founder and Chief Business Officer adds, “Today’s announcement signifies a maturing in the online property classifieds market for Africa. We are now working with an entire generation who are now accustomed to heading online as the first port of call for rental or purchase of properties. We are on a steep growth trajectory, and are now in the very best position, with this acquisition, to deliver a world-class property search service. 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.”