Online classifieds platform Quikr has acquired Chennai-based startup India Property Online Private Limited, a real estate platform, for an undisclosed amount, the company said in a statement on Monday.
The acquisition signals Quikr’s strategy to build the transaction business on top of classifieds. The company has sought to grow through acquisitions since 2015 and has acquired 14 companies so far across categories.
Founded in 2012, India Property offers in-depth information on property buying, selling and renting. The platform lists more than 6 lakh properties and 8,000 verified builder projects across 15 cities in India. It enables property search, diligence, financing, and transactions.
The startup backed by venture capital fund Bertelsmann India Investments and Mayfield has also built an analytics platform using street-level transaction data for residential properties and covers 5 million properties in south India. Till date, the company had raised $19 million cumulatively.
“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,” said Pranay Chulet, founder and chief executive officer at Quikr.
The Tiger Global-backed Quikr operates in segments such as real estate, auto, jobs, goods and services.
Quikr’s real estate segment is the highest revenue generator across its five verticals and contributed 35% of total revenue in 2017-18. This is expected to grow more than 100% in 2018-19, according to the company.
Quikr operates two models in the real estate segment — a co-living rental business and brokerage business for home buying.
“We have demonstrated monetization around these products and will now be able to offer them across Quikr’s real estate base,” said Ganesh Vasudevan, CEO at India Property Online.
Quikr India Pvt. Ltd recorded a 52% jump in net revenues at Rs 199.98 crore, while losses narrowed for the year ended March 2018. It raised Rs 55 crore in debt financing from InnoVen Capital to grow operations, Mint reported earlier this month.
Source: Mint