99acres is a well-known real estate website in India that links buyers, sellers, and brokers. It started in 2005 under Info Edge, the company behind Naukri.com. Sanjeev Bikhchandani, the founder, aimed to transform India’s real estate market. This post examines 99acres’ business model using Alexander Osterwalder’s Business Model Canvas and tells the story of its origin and founders.
99acres Company Details
| Origin Country | India |
| Established year | 2005 |
| CEO | Sanjeev Bikhchandani |
| Headquarters | Noida, India |
| Founder | Sanjeev Bikhchandani |
| Revenue | Rs 75.5 crore in quater 4 FY23 |
| Products | Connects real estate buyers and sellers, landlords, and renters. |
| Number Of employees | 500-1,000 |
| Website | www.99acres.com |
99acres Business Model:
To understand how 99acres works, we’ll use a tool called Alexander Osterwalder’s Business Model Canvas.
Customer Segments:
99acres serves a diverse range of customer segments, which include:
- Home Seekers: People looking for homes or businesses needing spaces like apartments, villas, offices, or shops.
- Home Sellers: Individuals wanting to sell their homes or business properties.
- Property Middlemen: Experts connecting buyers and sellers.
- Property Builders: Companies or individuals creating new homes or business spaces.
- Ad Promoters: Businesses wanting to showcase products or services to 99acres’ users.
Value Proposition:
99acres offers several value propositions to its customers:
- Lots of Choices: Find many types of homes and businesses on 99acres, like houses, shops, and offices.
- Easy Search: Use our website to find properties by location, price, size, and features.
- Trustworthy Listings: We check properties to ensure they’re real and share ratings and reviews to help you decide.
- Useful Tools: Tools like property comparison and area reviews help your property search.
- Personal Help: Our team is here to help you personally with your property search and questions.
Channels:
99acres utilizes various channels to reach its customer segments:
- Website and App: 99acres uses its website and phone app to check properties and tools.
- Ads Everywhere: The company advertises online and offline to get more people to know about it.
- Social Media Friends: 99acres talks to Facebook, Twitter, and LinkedIn users, sharing updates and news.
Customer Relationships:
99acres focuses on building strong customer relationships through the following strategies:
- Join the Group: 99acres help users connect and share thoughts on properties, builders, and agents.
- Useful Info: Read simple articles, blogs, and reports to stay updated on real estate trends.
Revenue Streams:
99acres generates revenue through multiple streams:
- Putting Up for Sale Costs: Sellers pay to list properties; the fee depends on how noticeable and long the listing is.
- Ads and Support: Businesses pay to advertise on the platform and reach their desired audience.
- Extra Goodies for a Fee: Users can pay for special services like highlighted listings and personal property suggestions to boost their property search.
Key Resources:
99acres relies on several key resources to operate and grow its business:
- Online Tools: 99acres uses its website and app for users to browse and use its services easily.
- Big Information Bank: Lots of property info, builder and agent details, and user content help 99acres connect buyers and sellers better.
- Team Power: The people at 99acres, like software developers, marketers, support staff, and managers, are essential for keeping things running smoothly and improving the platform.
Key Activities:
99acres’ key activities include:
- Making and Updating the Platform: Keeping the website and app working smoothly and adding new features.
- Checking and Organizing Listings: Make sure property listings are real and keep things organized.
- Spreading the Word: Telling more people about the platform to bring in new users and keep the brand known.
- Helping Users: Giving personal help to users, answering their questions, and fixing any issues.
Key Partnerships:
99acres has established several key partnerships to support its business operations:
- Helping Builders: Working with property developers to show their properties and highlight their projects on the platform.
- Teaming up with Agents: Partnering with real estate agents to reach more people and increase the number of property listings.
- Ad Partnerships: Working with different businesses and brands to bring money from ads.
Wrapping up:
99acres is a user-friendly platform that helps people easily buy, sell, and advertise properties. It verifies listings, encourages community engagement, and offers personalized assistance. With technology, a dedicated team, and collaborations, 99acres simplifies the real estate experience, connecting people and properties smoothly.
