iMyanmar House, a local online property platform that has about 100,000 web posts, is expecting to close a second funding round in 2016 with expansion plans underway. “We expect to close the fresh investment before April 2016 and currently there are about four investors that we are talking to and a number of local investors are also interested to invest,” said Nay Min Thu, managing director of iMyanmar House. The startup raised its first round in October 2014 from Frontier Digital Ventures, an online classified business that also founded iProperty.com, Asia’s leading property website.
The online startup is looking at add new features to its platform including news, features, FAQs and chat sessions with experts, customer service and listings carrying pictures and price tags. “We want to provide a one-stop-service on property,” said Nay Min Thu, who studied IT in Singapore and back in 2008, found a gap when locals had trouble searching for apartments in Singapore. The startup founder of ShweRooms (2008) and iMyanmar House (late 2013) blends the online portal with an offline marketing approach. The firm runs a property magazine which aims to spread awareness on real estate transactions.
Similarly, he is looking at increasing ad spend on number of mediums including radio, television and public transport as part of outdoor media campaigns. Besides, the firm is looking at organising property fairs, at least twice annually, in major cities of Yangon, Mandalay and Singapore. In October 2015, the firm’s property expo in Singapore achieved sales worth $7 million for apartments in Yangon. The current coverage of iMyanmar House property postings are from 324 cities across the country. “We get web traffic from not only Myanmar but from Singapore, Malaysia, Thailand, UK and US,” he said. It attracts 150,000 to 200,000 web views per month for about 100,000 posts.