In a bid to strengthen its real-estate vertical, online classifieds platform Quikr has announced the acquisition of Chennai-based India Property Online which operates a full-stack real-estate platform.
While the company has confirmed the acquisition of India Property, it has not disclosed the financial details related to the deal. Commenting on the acquisition, Pranay Chulet, Founder and CEO, Quikr, said:
With $180B market potential, Indian real estate is one of the largest sectors of the economy. Since verticalization of our business, we have looked at both organic and inorganic ways to go deeper in this strategically important category. The strong base of India Property in Southern states and its full-stack model will help us grow our transaction business while also adding to our classifieds base.
India Property offers solutions that simplify property buying, selling and renting. It lists over 6 lakh properties and 8,000+ verified builder projects across more than 15 cities in India. The company monetizes on both the demand and supply side of the market, with solutions enabling property search, diligence, financing, and transactions.
It has also built a powerful analytics platform using street-level transaction data for residential properties covering about 5 million properties in South India. The company is backed by leading VC fund Bertelsmann India Investments and Mayfield.
Quikr has acquired many companies in real estate space. The company had acquired HDFC’s two subsidiaries HDFC Realty and HDFC Developers in an all-stock deal for an estimated ₹357 crore. Prior to that, it had merged CommonFloor.com with its real estate vertical QuikrHomes. It has also acquired home rental startup Grabhouse; Indian Realty Exchange (IRX), mobile-first aggregator of real estate brokers; and RealtyCompass, which provides builder rating and project analysis.
With 30 million monthly users, Quikr is India’s largest classifieds platform with a valuation of over ₹10,000 crore. It runs multiple vertical businesses across real estate, automobiles, education, jobs, services and goods sectors. In a statement, the company claimed that real estate contributed to 35% of Quikr revenue in FY17-18 which is a profitable vertical for the company and is set to grow more than 100% in FY18-19.
He has been a technology writer since more than five years. At The Tech Portal, he covers gadgets, startups and the good and bad of tech.