Quikr, the online classified firm has acquired home rental startup Grabhouse in an all-stock deal. The move is likely to strengthen Quikr’s verticalization drive under which the company has identified five key segments—automobiles, real estate, jobs, services and customer-to-customer sales.
Manish Sinha, Head of QuikrHomes said,
This acquisition will help us expand our solutions portfolio while addressing the real estate industry's need to shift to cashless payments”.
Although the two companies did not disclose the size of the deal, it is said to be valued at about $10 million according to people with direct knowledge of the transaction as reported to ET. Quikr had earlier acquired companies like Commonfloor, Hiree, Stayglad etc., in a bid to give momentum to its growth story.
Talking more about the acquisition, Atul Tewari, COO of Quikr, said,
'The managed rentals model brings convenience to consumers while eliminating cash from property rentals. Our business here will benefit from unique competitive advantages as the Grabhouse target market has a great match with many of our other businesses”.
Founded in July 2013 by Prateek Shukla and Pankhuri Shrivastava, Grabhouse offers a managed rental homes model which comprises a range of fully furnished, ready-to-move-in apartments, paying guests and peer to peer rentals across 11 cities including Bengaluru, Mumbai, Delhi, Gurgaon, Chennai and Kolkata. It offers end-to-end digital solutions for rental needs of both owners and tenants.
As a part of the overall integration process, its founders and entire team will move to the Quikr HQ.