Coldwell Banker India has acquired favista.com in an all stock deal. All of Favista’s assets, IP, and employees will become a part of Coldwell Banker India as of the closing date.
Favista has been a pioneer in the real estate technology space with some of the lowest lead generation costs in the industry, having generated over 500,000 inbound buyer leads till date. It has also gained a reputation of being one of the most credible portals for obtaining new project information for consumers across the country.
Favista.com will continue to remain as a standalone portal providing marketing and lead generation services to developers and Coldwell Banker India’s current and future franchise network.
Favista also has an on-ground brokerage arm that assists home buyers in identifying and purchasing real estate in the NCR and Mumbai region, and has sold inventory of over $150 million till date. The brokerage arm will also be absorbed by CB India as part of the deal.
Favista has also developed technology to help developers in the affordable housing space to launch their projects online including the ability to collect bookings online using the portal. This significantly reduces the time and cost to market for such projects.
“Investing in technology is a strategic goal of CB India and fits in line with our goal of providing a world-class brand, training and technology to our franchisees and agents. We believe that this acquisition will help our franchisees and agents reduce their overall lead costs and enable a significantly larger volume of transactions. Favista’s technology and focus on reducing online lead generation costs fits in that strategy,” – Ramnik Chopra.
“Coldwell Banker is one of the most respected real estate brands in the world. Their focus on training and technology that will significantly improve the agent’s ability to service their customers was the reason we decided to join hands,” – Anupam Sinha, CEO of Favista.
As a part of this acquisition, Anupam Sinha will take on the role of Chief Product Officer for Coldwell Banker India in addition to managing sales and operations.
Coldwell Banker India is the Indian arm of the legacy Coldwell Banker, a global leader in the real estate franchising and provider of real estate advisory services. It is part of the $5 billion Realogy Holding Corporation. Coldwell Banker India owns and manages Coldwell Banker, Coldwell Banker Previews International Program and Coldwell Banker Commercial marks in India, and has exclusive rights to appoint franchisees to develop the Coldwell Banker brands in the Indian subcontinent.