AVCJ

Sequoia, Kalaari commit $10m to India's Grabhouse

  • LinkedIn  
  • Google plus  
  • Save this article  

Sequoia Capital and Kalaari Capital have committed $10 million in Series B funding to Indian start-up Cryptopy Technologies, the developer of rental property listing platform Grabhouse.

The capital will be used to strengthen the company's presence in existing markets, develop its technology capacity, and add more products, in addition to increasing headcount, according to an Inc42 story linked to from Grabhouse's Twitter feed.

Grabhouse currently operates in 11 cities, including its home base of Bangalore. The company allows users to search for available rental residences and contact landlords directly. Its marketing emphasizes the resulting elimination of broker and agency charges, though customers must pay a fee to see more than two search results. Property owners are also charged a fee to list on the site.

Grabhouse has several competitors in India, including CommonFloor, which has raised several rounds of funding, including a $30 million Series D round from Tiger Global in 2014 and a round of undisclosed size from Google Capital earlier this year. Other significant rivals are Housing.com, which has raised funds from SoftBank and other investors, and PropTiger, whose backers include News Corp and Accel Partners.

This is Kalaari's second investment in Grabhouse. The GP joined India Quotient in 2014 for a $2.5 million Series A round; Grabhouse had earlier raised a pre-Series A round of an undisclosed amount from India Quotient and individual investors.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on South Asia

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs