(L-R) iMyanmarHouse Group Founder and CEO Nay Min Thu with CarsDB Co-Founder Wai Phyo Kyaw
Leading online real estate marketplace iMyanmarHouse has acquired Myanmar-based used car listing platform CarsDB.
The details of the deal remain undisclosed. “We can’t disclose the deal details for now due to a non-disclosure agreement,” Nay Min Thu, Group CEO of iMyanmarHouse, told e27.
The acquisition is part of the proptech company’s diversification strategies. It has expanded iMyamarHouse’s user base and catalysed cross-platform interactions, creating a one-stop digital destination for both real estate and automotive enthusiasts.
Thu said that the two firms have a combined user base of over 520,000, over 12,000 registered agents/agencies/car dealers, and 150 employees.
“The synergy between iMyanmarHouse and CarsDB has surpassed our expectations, resulting in a synergistic effect that has redefined our online presence,” he added.
Founded in 2013, iMyanmarHouse is an online real estate marketplace connecting buyers, sellers, and renters in the real estate market. To date, over US$435 million worth of properties have been transacted via iMyanmarHouse.
iMyanmarHouse claims it has 24x the monthly traffic size of its nearest competitor, based on the traffic data for July 2023 from Similar Web.
According to Thu, iMyanmarHouse has been able to maintain profitability since 2019. “We are going full steam again and have doubled our staff count. We will actively be looking for new opportunities in other verticals as well.”
CarsDB was founded in 2012 by three Myanmar friends in a Singapore apartment as Myanmar’s first online auto marketplace. It competed fiercely with Motors.com.mm — a Rocket Internet venture — in the country. Rocket Internet later left Myanmar in 2016 and shut down its auto site.
CarsDB raised several rounds from Frontier Digital Ventures (founded by Shaun Di Gregorio and Patrick Grove, formerly from iProperty in Malaysia) and Emerging Market Entrepreneurs (EME).
The company was valued at US$8.7 million when it raised its last round of funding in 2018.
According to Similar Web, CarsDB has 7x the monthly traffic size of its closest rival.
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Image Credit: iMyanmarHouse.
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