Grabhouse raises $10 m in Series B

Grabhouse, an online home rental platform, has raised $10 million in series B funding. The round has been led by Sequoia Capital with participation from Kalaari Capital as well. The latter, along with India Quotient, had invested in the startup earlier on (Series A) to the tune of $2 million.

The Bengaluru-based startup which claims to be the 13th entrant into the market with players like MagicBricks, Quikr, Commonfloor and Housing.com, among others, differentiates itself as a transaction platform rather than a classifieds platform. “We take a rental inquiry and close the transaction,” said Pankhuri Shrivastava, CMO and Co-founder, Grabhouse.

Grabhouse interacts with both the homeowner and the seeker to understand each party’s requirement and enable a time-efficient solution for both.

Customers on the platform can enable services from their 22 Neighbourhood Specialists in Bengaluru who are armed with in-depth knowledge about a neighbourhood that the customer is eyeing. “The rate of closed transactions is substantially high. Some 73 per cent of the assisted searches are closed within a day,“ said Prateek Shukla, CEO and co-founder, Grabhouse.

Banking on data collated via Neighbourhood Specialists and customers on the platform, Grabhouse is building on a virtual neighbourhood specialist. It plans to launch this solution across all 11 cities that it is present in, with the total listing volume at about 35,000 properties in a month.

With this new thrust,Grabhouse will also launch two new innovative solutions in the space of shared accommodation, where it plans the product to be rental property rather than Grabhouse services. For the month of September, the startup closed revenues at Rs 50 lakh.

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