Online classified platform Quikr on Monday announced the acquisition of Chennai-based India Property Online Pvt Ltd.
Bengaluru, 18 Dec, 2018. RedNewswire/-
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.
India Property, backed by Bertelsmann India Investments and Mayfield aims to simplify property buying, selling and renting. Founded in 2012, it 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.
Pranay Chulet, founder and CEO of Quikr said,”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.”
“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 operates two models in the real estate segment — a co-living rental business and brokerage business for home buying.
It has acquired many companies in real estate space, including Commonfloor and HDFC’s subsidiaries HDFC Realty and HDFC Developers.
India Property Online 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.