Two-year-old online realty start-up Grabhouse has raised $10 million in its Series B funding round from existing investors Sequoia Capital and Kalaari Capital. The money will be used to further strengthen its presence in existing markets, build new tech-capability and enter into two new verticals within a couple of months.
“Renting space in India is in serious need of some revolutionary thinking and measures to make house hunting a joyous experience, across the board. Through a combination of technology and smart analytic, Grabhouse is addressing that need,” said Vani Kola at Kalaari Capital.
Launched in 2013 by Pankhuri Shrivastava and Prateek Shukla, Grabhouse had earlier raised $2.5 million in January this year from the same set of investors. The company which lists houses, flats, properties available on rent, claims it is much more than just a discovery tool like other realty portals. The company said it clocked the revenue of R50 lakh last month.
“We are into the business of closing the house deals, rather than just listing properties online. 80% of the house hunting work is offline and we help our buyers in that as well. As we venture into the next leg of our brand journey, we are extremely happy to collaborate once again with Squoia and Kalaari Capital,” said Pankhuri Shrivastava, CMO and co-founder, Grabhouse.
The company currently works with 22 “neighbourhood specialists”, who for a fee, assist house hunters in getting the house of their choice as soon as possible. “Our data says more than 73% of the time people who use our neighbourhood assistance feature get a house within that day itself,” said Prateek Shukla, co-founder, Grabhouse.