99.co CEO Darius Cheung says the deal instantly makes them the market leader in Indonesia, and puts them well on the way there in Singapore.

Alanna Tan  |  Singapore
Published 2019-10-08 18:51:34

99.co announced today its acquisition of REA Group’s consumer brands, iProperty.com.sg in Singapore and Rumah123.com in Indonesia.

In a press release, 99.co said they will be “assuming full control” over the operations of the two property sites.

Additionally, they’re also gaining a US$8 million investment from REA Group through this deal, which will give 99.co a boost to position them for growth in Southeast Asia.

99.co co-founder and CEO Darius Cheung said the firm is currently “coming for market leadership” as its next target.

“This [agreement] is a key milestone that positions us instantly as number one in Indonesia, and [puts us] well on our way to that in Singapore,” he said.

Weeks ago, they just raised US$15.2 million in their Series B funding round, which the firm is also using to extend their reach in Singapore, Indonesia and other new markets.

Cheung, along with his senior management team, will be overseeing the joint venture to run 99.co, iProperty.com.sg and Rumah123.com.

Citing REA Group’s “unrivalled experience and resources” and his own company’s “innovative DNA”, Cheung expressed that their partnership will be “a lethal combination Southeast Asia has not seen before”.

Henry Ruiz, REA Group Chief Strategy Officer and Asia CEO, added: “Over the past two years we’ve admired the innovation and speed that Darius and his team have brought to the marketplaces that they serve.”

REA Group also pointed that the Singapore property marketplace is “ripe for disruption”, and they will work to deliver world leading products and experiences for customers together with 99.co.

Featured Image Credit: 99.co / iProperty.com.sg

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