Prosus-backed OLX Group has acquired Obido, a Polish startup that focuses on property listings from the new-development segment. The company did not disclose the terms of the deal.
Obido will complement the OLX Group’s real estate portfolio in Poland, which includes Otodom.pl and OLX.pl. The company will keep its brand and business model and will operate alongside OLX and Otodom.
Obido was founded in 2016 by Marian Bruliński and Paweł Gniadkowski. It offers a platform that connects real estate developers and clients looking for new apartments using advanced algorithms. In FY2019, the company saw revenue of PLN 8.9 million ($2.4 million U.S.) and turn a net profit of PLN 151,600 ($40,846 U.S.).
Obido’s business model is based on subscription plans for developers. They pay for a guaranteed number of monthly leads from verified users who actively search for a new apartment on Obido’s platform and their needs were matched with the developer’s offer by Obido’s algorithm. In the subscription plans, there are also advertising campaigns promoting the developer’s investment and a virtual walk around the apartment. The lowest plan costs PLN1,500 ($382 U.S.). The service is free for individuals.
In addition to OLX.pl and Otodom.pl, OLX Group’s Polish portfolio includes auto site Otomoto.pl, heavy machinery site Otomoto Profi, car-buying service 321sprzedane.pl, car-leasing and rental company CarSmile, an international marketplace for used commercial vehicles and heavy machinery Tradus.com, and services site Fixly.pl.