QuikrHomes on Monday announced that it has acquired Grabhouse, a provider of rentals solutions. The strategic move will help the company address an acute pain point in the country’s real estate market with a solution that does not involve cash payments.
Talking about the acquisition, Atul Tewari, COO, Quikr said, “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.”
“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,” he said.
Grabhouse, a managed rental homes model which comprises a range of fully furnished, ready-to-move-in apartments across four major cities, is operative across 11 cities and has served 7,000 customers till since 2013, when it was founded by Prateek Shukla and Pankhuri Shrivastava.
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 headquarters.
Published 21 November 2016, 19:32 IST