India’s first completely broker-free property search portal Grabhouse.com is raising $2 million (Rs.12 crore apprx.) in a Series A round of funding led by Kalaari Capital. Seed stage investor India Quotient, which had invested in Grabhouse in January and June this year, will participate in the round. GrabHouse is owned by Mumbai based Cryptopy Technologies.
Grabhouse had raised an undisclosed amount in its January seed round. The round was led by India Quotient and co-investors included Chetan Bohra and Navin Ranka, partners at Mumbai based boutique investment firm RB & Partners, and Deutsche Bank executive MV Krishnan.
In July this year, GrabHouse raised $500,000 again from its existing investor India Quotient.
GrabHouse helps people finding apartments, sharing rooms and PG’s on rent without involving brokers. The infrastructure of the website ensures easy access along with multiple options for flats and flatmates. The portal claims to have listed around 90,000 properties. The portal is currently caters in 4 cities – Bangalore, Hyderabad, Mumbai and Pune.
The portal was founded in 2013 by Prateek Shukla, a graduate from IIT Kanpur and Pankhuri Shrivastav, a Computer Science graduate and ‘Tech for India’ Fellow.
Grabhouse was one of the 10 companies incubated at IQ boot camp and was also selected for GSF accelerator programme.
Grabhouse along with Housing.com and Commonfloor are recent entrants in the property search portal segment in India. Recently, Housing.com had secured $19 million in funding from Helion, Nexus and Qualcomm Ventures. It is now reportedly in talks to raise a fresh $30-40 million.