Deepti Sri · · 2 min readChinese real estate tech startup Juwai IQI says it has turned profitable
Real estate tech startup Juwai IQI claims it has turned profitable as of July and that it has transacted over 15,000 properties this year through early November.
Juwai IQI co-founder and executive chairman Georg Chmiel/ Photo Credit: Elite Agent
Without providing further details about its revenues, the company said that the number of transactions conducted on its platform grew by 55% this year over the same period in 2019.
The technology startup capitalized on the launch of Juwai.asia – its property platform catered to Asian consumers outside of China – to extend its online reach. Asian customers accounted for 30% of its total buyers in the third quarter, it said in a statement.
The company’s app offers an international network of more than 15,000 real estate agents working exclusively for Juwai IQI. These agents can access its services from anywhere through a Wi-Fi connection.
The Shanghai-based company claims it has 5.5 million monthly active users, an 83.3% increase from the third quarter of the previous year.
The company has gained traction in Malaysia, Thailand, Cambodia, Vietnam, Canada, Australia, the Philippines, and China, and also expanded into India, Pakistan, Singapore, and New Zealand.
See also: Where are the profitable tech firms in Southeast Asia?
“We believe our technology-enabled model will disrupt and replace conventional online real estate classifieds portals, which are inefficient for all participants,” said co-founder and executive chairman Georg Chmiel. “Ultimately, we are addressing markets with a combined revenue opportunity of US$115 billion, consisting of both sales commissions and advertising fees.”
A report by MarketsAndMarkets expects the global real estate technology market to reach US$8.9 billion by 2021, driven by an increasing demand for smart technological solutions in the industry.
Juwai IQI competes with Point2Homes, Aussiehome, Domain, and Commonfloor, among other players in the real estate technology space.
Edited by Collin Furtado and Jaclyn Teng
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