Elara Technologies bought FastFox a rental Brokerage Platform

Gurgaon News

In a recent development, the Elara Technologies that owns multiple real estate firms, acquired FastFox a Gurugam-based rental brokerage platform. The company shared this information via press release.

The FastFox firm is valued just below Rs. 100 crore at the time of finalizing this deal, the sources said.

Dhruv Agarwala, CEO, Elara Technologies said that we aim to catalyze our expansion plan by acquiring FastFox as the first phase of future growth includes on-ground transactions by working closely with homeowners, home seekers and brokers.

The Elara group ventured into the online-to-offline home rentals space with this deal as this market has an opportunity of more than Rs. 20,000 crore.

Currently, the FastFox is operational mainly in the Gurugram market and showed significant growth in the last one year to capture approximately 5% share of the home rentals market in the city adjoining the national capital Delhi.

Lightspeed Venture Partners and Blume Ventures are the two other investors in FastFox.

Earlier in March, the DLF group planned to make an investment of Rs. 750 crores to develop a new commercial project in Gurugram. This investment is being planned by the DLF group as the company wishes to encash the increasing demand of office and retail space from the investors, sources said.

This new commercial project will be developed at 2.5 million sq. ft. area of the Gurugram city. Instead of going for a lease-model, the company will sale office and retail space of this project, sources informed.