Quikr acquires HDFC Developers & HDFC Realty to focus on real estate buying services

Online classifieds platform Quikr has entered into an agreement with Housing Development Finance Corporation (HDFC) under which Quikr will be acquiring two of HDFC's subsidiaries HDFC Developers and HDFC Realty for a total of $54.8 million (Rs 350 crore).

Renu Sud Karnad, Managing Director, HDFC, said, "The future of real estate is digital, and Quikr has built a robust technology platform for consumers with products for developers and brokers who stand to benefit in the post-RERA (Real Estate Regulation and Development Act) regime. We hope to derive value from Quikr’s diversified customer base while offering our strength in the real estate sector."

Pranay Chulet, CEO of Quikr, said, "We see great synergies between Quikr and HDFC as we start working together to bring a seamless online to the offline platform to developers and consumers."

HDFC Developers operates online real estate platform HDFC RED. HDFC RED is an online classifieds site which has around 7,000 project listings. It claims to generate traffic of more than 80,000 unique visitors per month. It posted revenue of Rs 6.23 crore for 2016-17. HDFC Realty is the group’s offline brokerage business with a presence across residential and commercial properties as well as consulting and valuation services.

Quikr has till date raised $350 million and is among India's leading internet companies with a valuation of over $1.5 billion.