Quikr acquires India Property to expand real estate vertical

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Chennai | Published: December 18, 2018 12:23:29 AM

India Property offers solutions that simplify property buying, selling and renting. It lists over 6 lakh properties and 8000-plus verified builder projects across 15 cities in the country.

Quikr acquires India Property to expand real estate vertical

Online classified company Quikr on Monday announced the acquisition of Chennai-based real estate platform India Property Online. The transaction value of the deal was not disclosed. According to a statement by Quikr, the move is a step towards its strategy of building transactions on top of classifieds.

India Property offers solutions that simplify property buying, selling and renting. It lists over 6 lakh properties and 8000-plus verified builder projects across 15 cities in the country.

Pranay Chulet, founder & CEO, Quikr, said: “With $180 billion market potential, Indian real estate is one of the largest sectors of the economy. Since verticalisation 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.”

India Property monetises on both the demand and supply side of the market, with solutions enabling property search, diligence, financing, and transactions. It has also built a powerful analytics platform using street-level transaction data for residential properties covering about five million properties in south India. India Property is backed by leading VC fund Bertelsmann India Investments and Mayfield.

Real estate contributed to 35% of Quikr revenue in FY17-18 and is a profitable vertical for the company. The business is on track to again grow more than 100% in FY18-19. The company is now the largest transactional player in real estate with two growing transactional models — a co-living business to offer shared rentals and a brokerage business.

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