Mortgage lender Housing Development Finance Corp. Ltd (HDFC) on Thursday announced the sale of two subsidiaries focusing on real estate brokerage and online property classifieds to Quikr India Pvt. Ltd for a total of ₹350 crore.
HDFC Realty Ltd operates the brokerage business, while HDFC Developers Ltd owns the HDFC Red platform for online real estate classifieds. In a regulatory filing, HDFC said this is an all-stock deal, with the mortgage lender taking a minority stake in Quikr India.
This would be the second-biggest acquisition yet by Quikr in online real estate after it acquired Tiger Global Management-backed real estate platform Commonfloor for $120 million in January 2016.
On 27 April, Mint had reported that HDFC was in talks with Quikr to sell its brokerage business HDFC Reality and digital business HDFC Red in an all-stock deal for a 5% stake in return, citing four people aware of the matter.
Quikr has raised around $346 million since inception in 2008. Its investors include Warbug Pincus, Kinnevik AB, Tiger Global, Steadview Capital Management and Matrix Partners India.