Jumia House Nigeria, a subsidiary of the World’s e-commerce giant, Jumia.com has been exclusively taken over by Lagos-based online real estate startup, ToLet.com.ng. The two will then come together under the umbrella of a new name PropertyPro.ng.
With the help of a lead investor, Frontier Digital Ventures (FDV) the young startup valued at about $1.2 million was able to acquire part of the $1 billion company. It was earlier gathered that FDV only played the role of a facilitator in the deal, but as of now, ToLet and FDV have confirmed that FDV actually financed the deal and according to a spokesman from the company, FDV pushed a little further by purchasing 100% interests in Jumia House Ghana, and Jumia House Angola.
With 65% of the real estate market in the country accrued to the new PropertyPro.ng, it will be listed as the largest online real estate platform in Nigeria, as said by the ToLet Co-Founder, Sulaiman Balogun. PropertyPro will be expanding its agents scope and listings across the nation and will also get a spot on the Google Play services. The platform will generate income primarily from agent subscription fees.