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Quikr acquires Grabhouse to offer managed house rentals

real estate

Quikr has acquired house rental and PG sharing platform Grabhouse for an undisclosed amount in an all stock deal, reports Mint. The report cites sources saying the deal was valued at $10 million. It’s worth noting that Grabhouse had raised $10 million in a Series B funding from Kalaari Capital and Sequoia Capital in October 2015, and then laid off over 100 employees in business restructuring exercise in December.

As of today, Grabhouse is operational in Bangalore, Delhi NCR, Mumbai, Chennai, Pune, Kolkata, Hyderabad and Faridabad. It was founded by Prateek Shukla and Pankhuri Shrivastava in March 2013. They’ll move to Bangalore, according to this Economic Times report

Grabhouse is Quikr’s eighth acquisition this year. Quikr will launch a managed rentals portal with the acquisition and also utilise Grabhouse’s user base to peddle its QuikrServices like bikes etc. Atul Tewari, Quikr’s COO, told Mint that the operational costs of Grabhouse would be shared with its service business. As of now, Grabhouse will operate independently and display listings from QuikrHomes and Commonfloor, which Quikr bought in January this year.

Quikr’s recent acquisitions

Quikr has been buying startups that fit in its services modules of jobs, services, automobile and real estate: In September, it acquired StayGlad, its third acquisition in the beauty and wellness space after previous acquisitions ZapLuk and Salosa. In the same month, the company acquired Stepni, an online platform that connected vehicle owners with mechanics, and launched an entertainment marketplace app called Dazzlr. In July, Quikr acquired Hiree, an online hiring platform focused on white-collar jobs for its QuikrJobs vertical.

Quikr’s funding

In August this year, Times Group’s private treaty arm Brand Capital invested Rs 130 crore ($19.4 million) in Quikr through convertible debentures. Brand Capital subscribed to 143,000 convertible debentures at Rs 9,038.32 and bought one share priced at Rs 9,038.32 crore. Last year, Quikr raised $40.5 million from AB Kinnevik. In December 2015, the portal became available in multiple Indic languages.

Also read: Quikr’s Scanner device tracks location, performance & condition of cars

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