Continuing its acquisition strategy, Quikr has made its first acquisition in 2018. The company has taken over full-stack online-to-offlinereal estate platform India Property for an undisclosed sum.
The Chennai based firm enables listing, buying, selling and renting properties across 15 cities. It claims to have 6 lakh properties and 8000 plus verified builder projects on the platform.
Since real estate vertical contributes 35 per cent of Quikr revenue in FY18, the acquisition is likely to provide fillip in the number of transactions from the vertical. With this acquisition, the firm claims to be the largest transactional player in real estate.
India Property is the seventh acquisition for Quikr in real estate segment. Previously, it had acquired Commonfloor, Indian Realty Exchange (IRX), RealtyCompass, HDFC Realty, HDFC Red, and Kalaari-backed GrabHouse.
“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,” said Pranay Chulet, Founder and CEO, Quikr through a press statement.
So far, Quikr has a portfolio of 14 acquisitions that counts aforementioned companies.
The consolidated operational revenue of the firm in FY18 witnessed a 95.6 per cent jump to Rs 173.49 crore from Rs 88.67 crore in the preceding fiscal. Meanwhile, the losses for Quikr reduced by a mere 23 per cent, from Rs 305 crore in FY17 to Rs 233 crore in the last fiscal.
Importantly, the core transactions contributed 56.63 per cent to the revenue at a Rs 98.25 crore in FY18.
Recently, Quikr had raised Rs 55 crore in a venture debt from Innoven Capital. So far, Quikr had raised over Rs 2,400 crore from the likes of Kinnevik, Matrix Partners, Warburg Pincus, and eBay Inc among others.
Currently, the company is in talks with new as well as existing investors to raise up to $150 million. Going forward, it would be interesting to see how it convinces the new investor to lead the much-needed financing round.