BuyRentKenya has now been fully acquired by Ringier One Africa Media and will phase into ROAM (a joint venture in the making between Ringier and One Africa Media) in a move to build Africa’s largest classifieds group.
Speaking exclusively to TechMoran, Jamie Pujara, Co-founder and CEO BuyRentKenya said he and his co-founder will be leaving the company to focus on new challenges and Lizzie Costabir (who is the current marketing manager) will take over the firm under ROAM.
“Nico and I are extremely pleased that BuyRentKenya will be fully integrated into ROAM. We believe with their leadership, expertise and experience we will take a giant stride forward in realizing our vision of making property search and listing easier and more transparent in Kenya,” Jamie told TechMoran.
Founded in 2012, by Jamie Pujara and Nicolas Adamjee, BuyRentKenya.com’s vision was to make property search and listing easier, more credible and more transparent. In March 2014, the firm raised an undisclosed amount from One Africa Media for a minority shareholding after a series of suitors failed to match the founders demands.
In the 5 years since the two started, the site has had over 5 million visitors, has partnered with over 500 agencies, listed over 50,000 properties online and raised investment from One Africa Media (OAM) all of which have been significant milestones.
ROAM had earlier acquired assets of One Africa Media in Kenya, Nigeria and several other parts of Africa such as Cheki and but One Africa Media only had minority shareholding in BuyRentKenya and PrivateProperty South Africa. The two property verticals didnt agree to ROAM’s early valuation of their assets and operated independently inside the new outfit. PrivateProperty found a buyer in Naspers. BuyRentKenya has been fully absorbed into ROAM and this is good news for both the team as well as for ROAM. BuyRentKenya needed a partner to compete effectively compete with Jumia House formerly Lamudi and the several new players eying the East African property market after PropertyLeo died.
“Today I’d like to announce a new chapter in our company,” said Jamie. “BuyRentKenya has been acquired by ROAM (a joint venture of Ringier and OAM) Africa’s largest classifieds group. The ROAM team brings a wealth of experience in the classifieds business, synergies with other businesses and expertise in technology which we believe will place buyrentkenya in a better position to succeed.”
“I am incredibly grateful for what we have accomplished in growing from a small startup to now being part of ROAM. I have no doubt that this move is in the best interests of the company and will help to achieve the vision that Nicolas and I had set out in 2012. I will be watching and supporting buyrentkenya from the sidelines as Lizzie and the ROAM management team lead the company forward,” Jamie concluded in a letter seen by TechMoran.
For ROAM, this is a great move after a botched Ghafla acquisition.