Tolet.com.ng announces the acquisition of Jumia House
One of Nigeria’s Largest online property classifieds platform, ToLet just recently acquired Jumia House for an undisclosed amount to form PropertyPro.ng a partnership with a Malaysian based lead investor, Frontier Digital Ventures (FDV)
How surprisingly, a $1.2 million Series A startup buying part of a $1 billion company.
This is one of those cases, where one can say “impossible is nothing”
With the acquisition, ToLet.com.ng is acquiring the entire Jumia House crew, from staff to assets, their listings, and agent network. The new PropertyPro entity will now host 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.
Co-CEOs Balogun and Ogundipe who founded Tolet.com.ng in 2013 after Sulaiman and Fikayo had conceived the idea as undergraduates in 2011. said to expect updates on the integrated PorpertyPro platform. They have engineers developing new ease of search features for the site and plan to launch an android app in coming weeks.
A main aim of the acquisition and new PropertyPro platform is to expand ToLet’s agent and listings reach across Nigeria and increase the number of sales listings, Balogun told TechCrunch.
Interestingly, FDV has also acquired Jumia House in two other markets where it is in direct competition with its portfolio companies meQasa (Ghana) and AngoCasa (Angola). All of this is apparently in an attempt to strengthen its portfolio in the three African markets.
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