Mumbai-based online roommate search engine Grabhouse has raised $2.5 million in Series A funding from Kalaari Capital and Sequoia Capital. The company will be using the funds to develop new products, improve existing technology for better end-user experience and increase Grabhouse’s presence across major cities in India.
Following this round of funding, Grabhouse has so far raised over $3 million. It had raised $500,000 from the existing investor India Quotient in July last year, and had earlier raised an undisclosed amount of funding from India Quotient and MV Krishnan of Deutsche Bank in November 2013. It had also raised seed funding from RB Partners’ Chetan Bohra and Navin Ranka in early 2013 when it launched.
Founded in July 2013 by Pankhuri Srivastava and Prateek Shukla, Grabhouse currently offers houses in Mumbai, Pune, Hyderabad and Bengaluru and attracts a daily traffic of about 500,000 visitors which is largely driven through referrals and word of mouth. Early last year, the portal had undergone a makeover and added several features.
Investments in the online real estate segment
– Last year, Housing.com had raised $90 million from Softbank Group, Falcon Edge and others in December, and Rs 115 crore from Helion Venture Partners, Qualcomm Ventures and existing investor Nexus Venture Partners in June.
– News Corp acquired 25% stake in online real estate portal PropTiger for $30 million, in November 2014.
– Indiaproperty.com had raised $12 million from Bertelsmann and others.