Indian portal Grabhouse could be up for grabs

By Editor 4 Comments NEWS, Uncategorised
Grabhouse expanded to seven cities but rumours abound that it has struggled against stiff competition.

Grabhouse expanded to seven cities but rumours abound that it is struggling.

Indian online hotel rental startup Grabhouse is reportedly looking for a buyer after struggling to scale up, reports LiveMint.

And company executives are said to have already begun talks with competitors Oyo and NestAway.

Reports suggest Grabhouse failed to scale because of fierce competition from startups already in the sector, including NestAway and NoBroker, who have greater financial backing from investors.

Grabhouse has raised US$10 million in a recent funding round and also raised approximately $2.5 million from Sequoia Capital and Kalaari Capital. In its seed funding round, the company secured around $500,000.

The rumoured current buyout deal is estimated at $5 million to $8 million.

Grabhouse currently operates in 11 cities, including Bengaluru, Mumbai, Delhi, Gurgaon, Chennai and Kolkata and in December 2015 laid off around 100 employees as a part of its restructuring process.

The portal has also put their present office in Bangalore on notice. They are likely to either vacate the premises by the end of September or find another company to share the office space.

Read the full story here.

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