Home rental startup Grabhouse, which was founded by Pankhuri Shrivastava and Prateek Shukla in March 2013 and was earlier in talks with online home rental startup NestAway and Online hotel aggregator Oyo to raise funds, has finally been sold. The listings website Quikr India Pvt. Ltd is the one who has acquired said firms in a stock deal with an aim to strengthen its realty vertical.
Both the companies didn’t disclose the value of the deal, but three people with direct knowledge of the matter said the online classified company Quikr paid $10 million for the startup. This is Quikr’s ninth acquisition in this year and according to mint such acquisition is likely to support the company’s so-called verticalization drive, under which the firm has added five key segments such as automobiles, jobs, services, real estate, and customer-to-customer sales. Like many other online firms, Quikr has also identified such sectors to garner new sources of revenue as well as to strengthen its own value in the market. Read Acquisition News.
“We are very excited about the launch of our managed rentals model—it brings convenience to consumers while eliminating cash from property rentals, and we are excited to start it with the acquisition of Grabhouse,” said, Atul Tewari Quikr chief operating officer. Further added, “Our business here will also benefit from unique competitive advantages as the Grabhouse target market has a great match with many of our other businesses such as C2C and bikes. On the cost side, the operational costs of the business will directly get shared with our services business.”
In January, Quikr had acquired CommonFloor also in an all-stock deal worth $200 million just after four months of launching its own real estate vertical Quikr homes. Besides, it had also acquired companies like Hiree, Stayglad among the others in order to fend off competition from other new rivals. As part of the latest acquisition, Quikr will amalgamate the home rental startup Grabhouse’s products and technology into QuikrHomes. With this, the company aims to address a considerable pain point in the Indian real estate segment with a solution that does not carry any cash payments. Read more news on Quickr.