Quikr Buys Indian Realty Exchange To Strengthen Its Real Estate Vertical

Quikr Buys Indian Realty Exchange to Strengthen its Real Estate Vertical

Quikr Buys Indian Realty Exchange to Strengthen its Real Estate Vertical

To strengthen its real estate vertical, QuikrHomes, online and mobile classifieds business, Quikr has acquired a mobile aggregator of real estate agents, Indian Realty Exchange (IRX) for an undisclosed sum. This acquisition will also allow it to dive deeper into the real estate market and increase long-term engagement with the broker community.

Founded by Vikram Dhawan and Karan Jindal, IRX tags agents and brokers with real time projects and locations. It also helps users to connect with them for buying and selling property.

QuikrHomes, currently connects customers from over 1000 cities and towns across India and concludes 2 lakh plus transactions per month. Launched in September 2015, it is a real estate marketplace for builders, brokers and home seekers.

Industry rumors have spoken that Quickr also explored CommonFloor, IndiaProperty and Housing.com for acquisition, however, the talks didn’t fructify. With its latest round of funding ($150M) in April, Quikr strengthened its reach into five segments including automobiles, real estate, jobs, services and customer-to-customer sales, to generate new sources of revenue.

Till now, the company has received a total funding of $346 million in 6 rounds from 9 investors. It recently invested around $10-million in WoNoBo, a hyper-local search engine providing 360-degree street view.

With this IRX’s acquisition and its recently launched real estate vertical, potent competitor Quikr is entering into the competition with existing players like CommonFloor, Housing.com, PropTiger, NoBroker, and Magic Bricks.