Quikr acquires realty platform India Property
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.