The competition in Nigeria’s property space may be shrinking as one of the unarguably biggest property classified startups in the country-ToLet.com.ng– is consolidating its market position by acquiring Jumia House for an undisclosed amount. ToLet will now be known as ProperPro.ng.
Recall last year that ToLet.com.ng raised $1.2m from Frontier Digital Ventures (FDV). According to the company’s CEO, Fikayo Ogundipe, “The new funds raised will be used to improve the platform’s technology offering to both property seekers as well as that used by listing agents. The rest of the funds will be channelled into improved marketing efforts and aggressive expansion across Nigeria over the next 12-18 months.”
The acquisition which was at the behest of FDV means that the PropertyPro will combine ToLet’s 60,000 listings with Jumia House’s 22,000 to create the largest online real estate listings platform in Nigeria with 65 percent of the market.
Commenting on the acquisition, Sulaiman Balogun, Co-Founder/Chief Business Officer at ToLet.com.ng said: “This is great news for our brand, this consolidation solidifies our position as the clear number one property vertical in Nigeria. It 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.”
He further disclosed to Innovation Village that: “The integration process has been mapped out and execution is already underway. ToLet.com.ng platform and Jumia House platform will be merged over the coming months, under the new name of PropertyPro.ng.”
Meanwhile, in a press statement, FDV CEO and founder, Shaun Di Gregorio said the deal demonstrates the strength of the company’s entrepreneur-led online classifieds model, which provides a significant advantage over competitors which are fully owned and operated remotely by major online classifieds groups.
“This transaction was a rare opportunity in the online classifieds space, and we are pleased that Jumia, a major African classifieds investor, reached out to Frontier with a strong desire to acquire Afribaba and complete this transaction,” Di Gregorio said.
“The ultimate result for Frontier shareholders is that we have exited Afribaba and created three new market leaders in property verticals in Ghana, Nigeria (ToLet.com.ng) and Angola. Our businesses are now in a significantly improved position to commence rapid monetisation,” he added.
