Puravankara Board Approves Merger of Two Wholly-Owned Subsidiaries

Strategic Merger Consolidates Digital Real Estate Platform

Puravankara's board approved the merger of wholly-owned subsidiary IBID Home Private Limited into Purva Woodworks Private Limited on 12 February 2026, integrating the developer's digital assets into a single operating entity.

The merger aims to salvage and optimize the investment in IBID, which operates the digital platform WATABID.COM, by integrating its digital assets into the active operating company and thereby expanding Woodworks' market reach. The transaction involves no cash consideration.

WATABID.COM: A Technology-Driven Home Buying Platform

WATABID.COM is a proprietary technology platform that allows customers to purchase the house of their choice at the best price. The platform operates a next-generation price discovery model through a reverse-bidding system designed to address housing supply and inventory problems, enabling buyers to bid on residential properties across Puravankara and affiliated developer projects.

The platform was introduced in 2018 as part of Puravankara's technology-enabled approach to real estate sales, with early pilots in Chennai featuring properties from the Puravankara and Provident Housing portfolios.

Structural Context: Corporate Reorganization

The board also approved the necessary documentation, including postal ballot notices and explanatory statements under the Companies Act, 2013, related to the merger scheme. The restructuring does not affect shareholder capital and requires shareholder approval via postal ballot.

The merger is part of a broader restructuring announced alongside strong quarterly results. In Q3 FY26, Puravankara reported standalone revenue of ₹723.32 crore—a 282.5% year-over-year jump—and consolidated net profit of ₹58.34 crore.

About Puravankara

Founded in 1975 and headquartered in Bangalore, Puravankara operates in residential and commercial sectors with projects in Bengaluru, Chennai, Kochi, Coimbatore, Pune, Mumbai, Dubai and Colombo. Managing Director Ashish Ravi Puravankara oversees the entire business, driving growth including the successful launch of Provident Housing and Purva Land.