Quikr acquires real estate analytics firm RealtyCompass
Deal will help QuikrHomes access technology built by RealtyCompass that provides builder ratings and detailed project analysis
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Mumbai: Online classifieds website Quikr India Pvt. Ltd on Thursday acquired real estate analytics firm Blitzkrieg Technology Pvt. Ltd, which operates under the name RealtyCompass, for an undisclosed sum.
“Real estate is a key category for us. We have been keenly developing some innovations that have the potential to reshape the market landscape and the acquisition of RealtyCompass will help us bring more such solutions to our users. We welcome the RealtyCompass team to the Quikr family," said Pranay Chulet, who founded Bengaluru-based Quikr in 2008.
This is the second acquisition by the company in the sector. It acquired Indian Realty Exchange (IRX), an aggregator of real estate agents, in November. It also made a strategic investment in AN Virtual World Tech Ltd, a hyper-local search engine providing street views, in October.
Mint reported on 1 December that Quikr is in the final stages of discussion to buy real estate portal CommonFloor in a share-swap deal.
The latest acquisition will help QuikrHomes access technology built by RealtyCompass that helps consumers and investors in their decision-making process by providing builder ratings and detailed project analysis.
As part of its growth strategy, Quikr has been focusing on automobiles, jobs, services and customer-to-customer sales. In September, it launched QuikrHomes and is strengthening the focus on this vertical.
The size of real estate sector is expected to reach $853 billion by 2028 and its contribution to India’s gross domestic product will be 13%, according to KPMG.
While Quikr competes with Naspers-backed OLX in the classifieds business, its competitors in the real estate sector are Housing.com (Locon Solutions Pvt. Ltd), PropTiger Realty India Pvt. Ltd, Magicbricks Realty Services Ltd and 99acres (InfoEdge India Ltd).
SoftBank-backed Housing, which started off as a listing website and now enables users to buy and sell properties online, acquired risk assessment company Realty Business Intelligence (BI) for ₹ 10 crore in cash in June and Indian Real Estate Forum (IREF) in March. PropTiger also acquired Makaan.com in April.
QuikrHomes currently connects customers from more than 1,000 cities and towns across India and it helps conclude more than 200,000 transactions a month.
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