Realty start-up Grabhouse.Com today said it has raised USD 10 million (about Rs 65 crore) from venture capital firms in the second round of funding (Series B) and the funds will be used on building technology and launching new verticals.
"Series B funding of USD 10 million received from Sequoia Capital and Kalaari Capital," Grabhouse.Com said in a statement.
"This latest round of funding adds to Grabhouse's initial Series A of USD 2 million raised from Sequoia Capital and Kalaari Capital back in November, 2014," it added.
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Bengaluru-based Grabhouse is a two-year-old start-up aimed at using technology to resolve rental issues.
With over 300 employees, the company has presence across 11 cities and is a broker-free online rental platform.
The company plans to focus on three key growth areas - strengthening presence in existing 11 cities, building technology capability and launch of new verticals.
The company's core objective is not just using smart technology but using technology in a smart way to resolve rental issues.
Sequoia Capital's G V Ravishankar said, "We believe the rentals market is a large and relatively under serviced market. 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."
Kalaari Capital's Vani Kola said the renting space in India needs 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," Kola said.
Grabhouse would soon launch a new line of offering in the PG and apartment category, and will be looking to increase its team size and invest in relevant spaces, the statement said.
Grabhouse CMO & Co-Founder, Pankhuri Shrivastava said, "Our 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-lead approach targeted towards making this online experience hassle-free".
