HDFC enters into a definitive agreement with Quickr
, ET Bureau|
Dec 21, 2017, 06.22 PM IST
MUMBAI: India's largest mortgage lender Housing Development Finance Corporation (HDFC) has entered into a definitive agreement with digital classified firm Quikr, to transfer its entire shareholding in HDFC Realty Limited, a real estate brokerage platform; and, HDFC Developers Limited (which runs the HDFC RED platform) to Quikr.
In an all stock deal HDFC has also acquired an equity stake in Quikr India. Post integration of HDFC Realty and RED, Quikr will become India's leading online-to-offline real estate platform, and offer consumers end-to-end home buying services.
The transaction also takes HDFC a step further in engaging with customers at the start of their real estate purchase cycle, when they are browsing for properties on Quikr's digital platforms.
"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 regime," said Renu Sud Karnad , Managing Director, HDFC Ltd. "We hope to derive value from Quikr's diversified customer base, while offering our strengths in the real estate sector. "
HDFC will also work closely with Quikr to jointly conduct analytics and identify potential home-buyers, and therefore home loan customers, early in their home buying journey.
HDFC RED will further strengthen Quikr's existing leadership in classifieds whereas the brokerage business will help the two partners bring closure to enquiries generated from consumer demand.
"The partnership with HDFC has come at the most opportune time when the Indian real estate industry is undergoing fundamental transformation, creating great opportunities for those who want to bring new, innovative solutions. for all industry stakeholders," said Pranay Chulet, Founder and CEO, Quikr.
HDFC Realty is HDFC's offline brokerage business with a presence across residential and commercial properties as well as consulting and valuation services. It has a 300 member in-house sales team and 7,000 strong nationwide broker network.
RED is an online real estate classifieds platform with 7,000 project listings on its platform. It generates traffic of over 80,000 unique visitors per month. With 30mn monthly users, Quikr is India's largest classifieds platform that runs multiple vertical businesses across real estate, automobiles, jobs, services and goods. Its real estate vertical 'Quikr Homes' generates 3.5mn monthly unique visitors.
Kotak Investment Banking acted as the exclusive financial advisor to HDFC on this transaction. Avendus Capital was the exclusive financial advisor to Quikr for this transaction.
In an all stock deal HDFC has also acquired an equity stake in Quikr India. Post integration of HDFC Realty and RED, Quikr will become India's leading online-to-offline real estate platform, and offer consumers end-to-end home buying services.
The transaction also takes HDFC a step further in engaging with customers at the start of their real estate purchase cycle, when they are browsing for properties on Quikr's digital platforms.
"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 regime," said Renu Sud Karnad , Managing Director, HDFC Ltd. "We hope to derive value from Quikr's diversified customer base, while offering our strengths in the real estate sector. "
HDFC will also work closely with Quikr to jointly conduct analytics and identify potential home-buyers, and therefore home loan customers, early in their home buying journey.
HDFC RED will further strengthen Quikr's existing leadership in classifieds whereas the brokerage business will help the two partners bring closure to enquiries generated from consumer demand.
"The partnership with HDFC has come at the most opportune time when the Indian real estate industry is undergoing fundamental transformation, creating great opportunities for those who want to bring new, innovative solutions. for all industry stakeholders," said Pranay Chulet, Founder and CEO, Quikr.
HDFC Realty is HDFC's offline brokerage business with a presence across residential and commercial properties as well as consulting and valuation services. It has a 300 member in-house sales team and 7,000 strong nationwide broker network.
RED is an online real estate classifieds platform with 7,000 project listings on its platform. It generates traffic of over 80,000 unique visitors per month. With 30mn monthly users, Quikr is India's largest classifieds platform that runs multiple vertical businesses across real estate, automobiles, jobs, services and goods. Its real estate vertical 'Quikr Homes' generates 3.5mn monthly unique visitors.
Kotak Investment Banking acted as the exclusive financial advisor to HDFC on this transaction. Avendus Capital was the exclusive financial advisor to Quikr for this transaction.
