Quikr said it will integrate Grabhouse’s products and technology stack into QuikrHomes and will also explore synergies with its other verticals. The acquisition terms or the deal size were however not disclosed. This follows Quikr’s acquisition of Commonfloor for a reported $120 million in an all-stock deal in January this year.
“Grabhouse will provide a deeper solution for our large rental supply and demand flow across QuikrHomes and Commonfloor. We already dominate this sector in the country – this will help us expand our solutions portfolio while addressing the real estate industry’s need to shift to cashless payments. And it will do this while helping a very large number of real estate owners and consumers.”
said QuikrHomes head Manish Sinha.
Grabhouse will continue operations as an independent brand for managed rental homes. As part of the overall integration process, its founders and entire team will move to the Quikr HQ.
“Through its multiple verticals, Quikr caters to a large target audience, which opens for us a sea of potential consumers and property owners. At Grabhouse we’ve laid the foundation of a sound cashless business model for house rentals. We foresee a massive business opportunity now, as joining forces with Quikr means scaling quickly to build not just a long-term rentals brand but also enter other new territories,”
said Prateek & Pankhuri, founders of Grabhouse.
“We are very excited about the launch of our managed rentals model – it brings convenience to consumers while eliminating cash from property rentals, and we are excited to start it with the acquisition of Grabhouse.”
said Quikr COO Atul Tewari.
“Our business here will also benefit from unique competitive advantages as the Grabhouse target market has a great match with many of our other businesses such as C2C and bikes. On the cost side, the operational costs of the business will directly get shared with our services business”
Founded by Prateek Shukla and Pankhuri Shrivastava in July 2013, Grabhouse offers end-to-end digital solutions for the rental needs of both owners and tenants. It offers a rental marketplace comprising of apartments, paying guest (PGs) and peer to peer rentals across 11 cities. It claims to have offer the largest inventory of PGs and peer to peer rentals and claims to have served 700,000 customers to date.Grabhouse also offers managed rental homes that comprises of a range of fully furnished, ready-to-move-in apartments across four major cities.
In December last year, Grabhouse had laid off at least 100 employees following a restructuring process. Currently, it operates in 11 cities, including Bengaluru, Mumbai, Delhi, Gurgaon, Chennai and Kolkata.