Quickr, one of the largest classifieds platform in India announced that its real estate has tripled the revenue in the past 12 months and is now on track for growing more than 100% in the upcoming years. The real estate vertical has also contributed 35% of its overall revenue last year and the company had reached its profitability in the month of March. In general, the Quickr’s strategy for offering the transactional models on the top of its large classifieds base is delivering very strong results. At the end of the financial year 17-18, Quickr’s financial business was generating the revenue at the annual rates of $50mm. This year the company is expecting double this figure.
Company has realized the steep growth in its real estate business in the year when the real estate market has witnessed many macro-challenges is one of the illustration of the power of its strategy. The company has two transactional real estate businesses and a co-living business to offer the shared rentals to the millennials and the brokerage business for home buying. Both the businesses derive their demand and supply from Quickr’s sizable classifieds based in Commonfloor and QuickrHomes.
Pranay Chulet, Founder & CEO of Quikr said, “Both transactional and classifieds parts of our business are experiencing steep growth due to their symbiotic relationship. On one hand, we have seen rapid growth by funneling large demand and supply into transactions streams, and on the other hand, our classifieds customers have also been expanding their relationship with Quikr as a result of more complete offering.”
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Speaking about this milestone, Mr. Chulet further added saying, “Right from the get go in our real estate vertical, we have looked at the country’s real estate market on a first principles basis and adopted the best business model for each segment of this massive sector. Whether it is property sales, single family rentals or shared rentals, each of them needs a different model that can address its market dynamics. This nuanced approach has helped us realize a phenomenal growth despite a slow sector last year, and we expect it to continue going forward as well.”
Co-Living: Quikr had entered the Co-Living segment via the acquisition of Grabhouse which had about 800 tenants living in shared accommodations. In a span of 18 months, Quikr has scaled the platform from 800 to 45,000 tenants, making it the largest player in the industry.
Brokerage: Since the acquisition of HDFC’s brokerage business (HDFC Realty now QuikrRealty), Quikr has started expanding the transactional services it offers through its in-house as well as partner brokers. Developers, brokers, consumers as well as corporates are benefitting from a more complete bouquet of offerings, whether they are looking for buyers, sellers, tenants or large scale industry data.
Classifieds: In FY17-18, when the industry was going through a challenging time, Quikr’s classifieds business – across its Commonfloor and QuikrHomes platforms – grew 75% from April to March.
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