Quikr ac­quires re­alty plat­form In­dia Prop­erty

HT Estates - - FRONT PAGE - Aakanksha Ahuja [email protected]

NEWDELHI: On­line clas­si­fieds plat­form Quikr has ac­quired Chen­nai-based­startup In­dia Prop­erty On­line Pri­vate Lim­ited, a real es­tate plat­form, for an undis­closed amount, the­com­pa­ny­said in a state­ment. The ac­qui­si­tion sig­nals Quikr’s strat­egy to build thetrans­ac­tion­busi­nes­son­topof clas­si­fieds. The com­pany has sought to grow through ac­qui­si­tions since 2015 and­hasac­quired 14com­pa­nies­so­faracross­cat­e­gories.

Founded in 2012, In­dia Prop­erty of­fers in-depth in­for­ma­tion on prop­erty buy­ing, sell­ing and rent­ing. The plat­form lists more than 6 lakh prop­er­ties and 8,000 ver­i­fied builder­pro­ject­sacross15 cities in In­dia. It en­a­ble­sprop­erty search, dili­gence, fi­nanc­ing, and trans­ac­tions. Th­es­tar­tup­backed by ven­ture cap­i­tal fund Ber­tels­mann In­dia In­vest­ments and May­field­hasal­sobuil­tan­an­a­lyt­ics plat­form us­ing street-level trans­ac­tion data for res­i­den­tial prop­er­ties and cov­ers 5 mil­lion prop­er­ties in south In­dia. Till date, the com­pa­ny­hadraised$19 mil­lion cu­mu­la­tively.

“Since ver­ti­cal­iza­tion of our busi­ness, we­havelooke­dat both or­ganic andi­nor­gan­icwaystogo deeper in this strate­gi­cally im­por­tant cat­e­gory. The strong base of In­dia Prop­erty in south­ern­state­san­dits­full-stack­model will hel­pus­growour­trans­ac­tion busi­ness whilealso adding­toour clas­si­fieds base,” said Pranay Chulet, founder and­chief ex­ec­u­tive of­fi­cer at Quikr.

Quikr’s real es­tate seg­ment is the high­est rev­enue gen­er­a­tor across its five ver­ti­cals and con­trib­uted 35% of to­tal rev­enue in 2017-18. This is ex­pected to grow more than 100% in 2018- 19, ac­cord­ing to the com­pany.

Quikr op­er­ates two mod­els in the real es­tate seg­ment-- aco-liv­ing rental busi­ness and bro­ker­age busi­ness for home buy­ing.

“We­havedemon­strat­ed­mon­e­ti­za­tion around these prod­ucts and­will­now­be­able­toof­fer­them across Quikr’s real es­tate base,” said GaneshVa­sude­van, CEO at In­dia Prop­erty On­line.

Quikr­raisedRs55cror­ein­debt fi­nanc­ing from In­noVen Cap­i­tal to grow op­er­a­tions, it was re­ported ear­lier this month.

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