Quikr acquires Chennai-based India Property
Online classifieds company Quikr has acquired Chennai-based India Property, a full-stack real estate platform. YES Securities Investment Banking acted as the financial advisor for the deal while IndusLaw and S&R Associates were the legal advisors, the company said in a statement.
Backed by Bertelsmann India Investments and Mayfield, India Property, aims to simplify property buying, selling and renting. The company monetizes on both the demand and supply side of the market, with solutions enabling property search, diligence, financing, and transactions. Moreover, it has also built a analytics platform using street-level transaction data for residential properties.
“With $180B market potential, Indian real estate is one of the largest sectors of the economy. 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 CEO, Quikr.
In a statement, Bengaluru-based Quikr claimed that real estate contributed to 35% of Quikr revenue in FY17-18 which is a profitable vertical for the company and is set to grow more than 100% in FY18-19.
Earlier this month, Quikr raised Rs 55 crore in venture debt financing from InnoVen Capital. The Temasek-backed company which is valued at over $1 billion, counts other key investors including Tiger Global Management, AB Kinnevik, Warburg Pincus, Matrix Partners, Norwest Venture Partners, eBay and Nokia Growth Partners.
Media had earlier reported that Quikr India’s consolidated operational revenue clocked Rs 173.49 crore in fiscal 2018, almost double what Quikr reported – Rs 88.67 crore – in financial year 2016-17. Loss for FY 2017-18 fell 28% to Rs 233 crore from Rs 324 crore last year.