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Property search site Grabhouse raises $2 million led by Kalaari Capital

Founded in 2013 by Prateek Shukla and Teach for India fellow Pankhuri Shrivastava, Grabhouse had raised an undisclosed amount in its January seed round.

Updated: Nov 05, 2014, 04.57 AM IST
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Founded in 2013 by Prateek Shukla and Teach for India fellow Pankhuri Shrivastava, Grabhouse had raised an undisclosed amount in its January seed round.
Founded in 2013 by Prateek Shukla and Teach for India fellow Pankhuri Shrivastava, Grabhouse had raised an undisclosed amount in its January seed round.
MUMBAI: Grabhouse, the property search and listings site owned by Mumbai based Cryptopy Technologies, is raising $2 million in a Series A round of funding led by Kalaari Capital. Seed stage investor India Quotient, which had invested in Grabhouse in January, will participate in the round.

Founded in 2013 by IIT Kanpur alumnus Prateek Shukla and Teach for India fellow Pankhuri Shrivastava, 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.

It is not known whether the angel investors will sell their shares in the Series A round. Shukla, who is the company’s CEO, did not respond to specific questions on the deal. "We will let you know regarding any updates whenever we are ready to comment,” he said in an email.

However, a source with direct knowledge of the deal said that it was in its final stages. Kalaari Capital did not respond to emailed queries.

The Grabhouse deal comes on the back of two other notable deals in the online property search space this year. In June, Housing, owned by Mumbai based Locon Solutions, raised Rs 115 crore ($18.7 million) in a Series C round from Nexus Venture Partners, Qualcomm Ventures and Helion Venture Partners. It is now reportedly in talks to raise a fresh $30-40 million. In September, Bangalore based maxHeap Technologies, which own Commonfloor, raised $30 million in a growth round of funding from existing investor Tiger Global.

Investor interest in the online property search segments comes on the back of projections that overall advertising spends in the realty segment, including online and offline, will increase from Rs 500-4,000 crore to Rs 6,000 crore in the next five years. Online portals are expected to grow their share of the pie from the current 10% to nearly 40%, according to analysts tracking the sector.

While players such as Housing, Commonfloor and Grabhouse are recent entrants in the segment, online property listings and search is a fairly mature market segment. More established players in the space include 99acres, whose owner Info Edge raised a $125 million QIP recently, and Magicbricks which is owned by the publishers of this newspaper.

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