Real Estate Sector has always been in the news be it for skyrocketing prices or sudden increase in demand for homes. Leading to this various real estate portals came online and were performed quite well as services provided by them lured customers and were lauded as well.
Owing to their success they have also raised huge amount of funds from investors. With news taking rounds in November about Grabhouse.com raising $2 Mn in Series A round has finally fructified today. The company has raised $2.5 Mn in the above said round from Kalaari Capital with its existing investor India Quotient.
The raised funds will be used to develop new products, improve existing technology and to increase Grabhouse.com’s footprint in the country. Pankhuri Srivastva, co-founder of Grabhouse said,”Currently, a majority of real-estate deals take place offline but there is a marked shift in this with 30% transactions being enabled through internet-based offerings”. She further added that with increasing numbers of users making use of internet, this sector’s transition will happen at a faster pace giving an optimistic outlook.
To this development G V Ravishankar, MD at Sequoia Capital said,” The problem of finding the right rental property or paying guest accomodation still happens to be an arduous task for the seeker and the Grabhouse team has done a fantastic job of creating a proprietary matching technology to efficiently solve this problem for the consumer. We look forward to helping them scale this to the next level to build a large and valuable platform”.
The company also raised $500K in funding from India Quotient in July 2014. Grabhouse.com is a community-based online exchange for finding rented accommodation which offers a broker-free and transparent experience to house hunters seeking rented or shared accommodation.
This sector is booming exponentially as earlier this month Google Capital invested an undisclosed amount in CommonFloor.com. Also another real estate portal housing.com raised $90Mn from Softbank last month. All these developments lead to a single conclusion that real estate is pacing fast.