Online real estate firm QuikrHomes has acquired Bengaluru-based Grabhouse, a home rental marketplace with presence in 11 cities, and will integrate Grabhouse’s products and technology stack with itself. The financials of the acquisition were not disclosed.
Founded by Prateek Shukla and Pankhuri Shrivastava in July 2013, Grabhouse offers a managed rental homes model which comprises a range of fully furnished, ready-to-move-in apartments across four major cities. The managed rental homes model operates on top of a broader rental marketplace which offers the largest inventory of paying guests and rentals in India.
The marketplace is present in 11 cities and has served 700,000 customers to date, the company said in a statement.
"The managed rentals model brings convenience to consumers while eliminating cash from property rentals, and we are excited to start it with the acquisition of Grabhouse. 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,” Atul Tewari, COO at Quikr said.
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.
Manish Sinha, Head of QuikrHomes added: “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.”.