Grabhouse, online rental accommodation has raised $10 million in Series B round of funding led by existing investor Sequoia Capital along with Kalaari Capital.
Founded in 2013 by Prateek Shukla and Pankhuri Shrivastava, GrabHouse is a website that lists rental property sites for Indian cities. The startup claims its USP is the absence of middlemen or brokers and solving rental issues through technology. It also offers an Android app to enable owners to list their properties directly on the website and get notification when someone shows interest. The best part is it allows on to take a compatibility test with prospective roommates and makes use of the information shared on the social media for the same. This broker-free online rental platform claims to have served a million customers till date with its presence in 11 cities in India.
“Business is about bringing the right owner and seeker together, there is a science behind house hunting or renting. Our key differentiator has been and will always be our technology-led approach targeted towards making this online experience hassle-free,” said Pankhuri Shrivastava, Co-founder and CMO, Grabhouse.
With the fresh funds, the Bangalore-based startup plans to invest on technology and launch new verticals. It is working to launch a new line of offerings in the paying guest and apartment category and increasing its team size. A spokesperson from the company said, ” This latest round of funding adds to Grabhouse’s initial Series A of US$2 million raised from Sequoia and Kalaari back in November 2014.”
GV Ravishankar, investment advisor at Sequoia said, “The Grabhouse marketplace model connecting seekers directly to house owners and allowing them to transact without a broker is a superior and more efficient solution. This has been validated by the terrific response the company has received from the market, leading to a leadership position in the broker free rentals and shared accommodation space in a short period of time.”
“Renting space in India is in need of some revolutionary thinking and measures to make house hunting a joyous experience. Grabhouse, through a combination of technology and smart analytics, is addressing that need,” said Vani Kola, managing director at Kalaari Capital.