Quikr: Indian Ad Platform Acquires Real Estate Portal CommonFloor for Undisclosed Amount
Cross-group classified leading Quikr today announced its acquisition of realty portal site Commonfloor, stopping months-long guesses of the deal. Both Commonfloor and Quikr, while being tightclipped on conditions and the terms of the deal, disclosed the firms have a combined listing of two million.
In a statement, Quikr said,
The merger is expected to be completed over the next two to three months and will give Commonfloor access to Quikr’s 30 million consumers and harness the potential of the cross-category nature of the platform, while QuikrHomes will benefit from CommonFloor’s structured data and domain expert.
Creator of Quikr, Pranay Chulet, stated the whole CommonFloor team will soon be working with a couple overlap of workers in the forthcoming months just, on their office. Now, Commonfloor has team of 1,000 workers and QuikrHomes has 350 workers.
He’d said, “We Have done little acqui-hires and modest investments, and are taking a look at multiple acquisitions. But at the present time, we’re not looking at CommonFloor. We already had a running sizeable company so we do not need to get to get into a new place.”
Since its QuikrHomes start four months ago, the deal comes as a strategic move for Quikr.
Quikr’s company verticals contain Quikr Services and Logistics, Quikr Jobs, Quikr C2C Payments, Quikr Movie, and Quikr Autos. When it comes to sales, Services and Quikr Houses are way larger, while Quikr Jobs is growing rapidly. Pranay said that in relation to listings, C2C Quikr Homes and Automobiles are quite substantial for the firm, and in relation to answers, C2C, Jobs, and Automobiles are enormous.
Lately, this major that was classified raised $150 million in a funding round as well as first-time investor Steadview Capital. With this particular round, Quikr had raised $350 million of overall capital across eight rounds of financing.
From Tiger Global, CommonFloor raised $30 million in Series E fund in September 2014.
Founded in 2007 Vikas Malpani by Sumit and Lalit Mangal, CommonFloor has over one lakh residential jobs and over five lakh active property listings from 200 cities listed up to now.
“The merger will give us a really powerful platform to grow the company further and our synergies will help consumers, property developers, in addition to our real estate associates that are all key to the progression of the on-line real estate ecosystem,” Sumit said.