Quikr Acquire Real Estate Agent Aggregator Indian Realty Exchange
Online classifieds portal Quikr India Pvt. Ltd on Friday said it has acquired Indian Realty Exchange (IRX, incorporated as 123 Startup Ventures Pvt. Ltd), a real estate agent aggregator, for an undisclosed amount to strengthen its real estate vertical QuikrHomes.
With its latest round of funding ($60 million) in September, Quikr strengthened its push in five business segments—automobiles, real estate, jobs, services and customer-to-customer sales—to explore new sources of revenue. These five categories account for about 90% of the 10 million listings on the platform.
This acquisition will allow it to gain access to real estate agents. QuikrHomes currently has customers in 1,000 cities and towns across India and concludes 200,000 transactions per month, said the company.
IRX helps users connect to the agents for buying and selling property, and updates listings with locations in real time and features agent reviews, rankings, trust networks and a chat platform for agents to exchange inventory and requirements with users and other agents.
So far, Quikr has received funding of around $200 million since its inception in 2008, and counts Tiger Global Management, Kinnevik, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Omidyar Network, Warburg Pincus and eBay as its investors.
With QuikrHomes, which was launched in September, it enters into competition with CommonFloor (maxHeap Technologies Pvt. Ltd), Housing.com, PropTiger, NoBroker, and Magic Bricks, all fighting for dominance of a large but fragmented market.