Just after announcing a fund-raise of Rs 55 crore last week, classifieds platform Quikr has acquired Chennai-based real estate listings platform India Property to grow its business and expand its classifieds base. It is unclear whether India Property will be a separate brand under Quikr or if it will be merged into Quikr Homes.
India Property claims to have 600,000 properties and 8000 ‘verified’ builder projects across 15 cities in India. The company said it monetizes on both the demand and supply sides and offers search, financing and transactions. The company also claims to have ‘street-level transaction data’ for residential properties in 5 million properties in South India. It is unclear what this means, given that the company claims to have 600,000 property listings in all. India Property has been backed by Bertelsmann India Investments and Mayfield.
Meanwhile, Quikr currently claims to have:
- 30 million monthly unique users
- Presence in 1200 cities in India
Quikr’s real estate business
The company now claims that its real estate vertical is profitable and contributed to 35% of its revenues in FY17-18. Moreover the company expects the vertical to double in FY18-19. It claims to have 70,000 tenants (as of November 2018) in its co-living vertical. It has another vertical which offers brokerage for buying property.
Quickr launched its real estate vertical ‘Quikr Homes’ in September 2015. India Property is the company’s latest investment in another existing real estate property.
- December 2015: It acquired real estate analytics startup Realtycompass, which offered user ratings and recommendations for property projects
- January 2016: Within months of launching, Quikr Homes merged its business with real estate portal CommonFloor in a deal reportedly worth $200 million.
- Towards the end of 2016, it also acquired house rental and PG sharing platform Grabhouse for a reported $10 million.
- In December 2017, HDFC sold its real estate brokerage platform HDFC Realty Limited, and HDFC Developers Limited (which runs the HDFC RED platform) to Quikr, in exchange for a minority stake in the company.
When CommonFloor merged with Quikr in January 2016, the companies had said that they would operate as separate entities. Following the merger, CommonFloor CEO Sumit Jain had assured worried employees that they “should not worry about their job or role.” Months after this acquisition, Quikr reportedly fired 150 CommonFloor employees. A year later, CommonFloor’s three co-founders quit the company, per an ET report. Quikr also shut down CommonFloor’s Bangalore office; and only a few of the 1000 CommonFloor employees were still with Quikr, as of January 2017.