CommonFloor.com to be acquired by Quikr for $100-120 mn.
Bengaluru | Red Newswire | By PTI | Dec 1, 2015 01:52 AM IST.
According to sources, Quikr and CommonFloor.com are at an advanced stage of discussion and the stock-and-cash deal is expected to be completed soon.
The deal is valued between USD 100-120 million, they added.
When contacted, Quikr and CommonFloor.com spokespersons said they do not want to comment on market speculations.
However, CommonFloor.com said that it is in the middle of fund raising while Quikr is looking to strengthen real estate business.
“As part of our verticalisation strategy, we are strengthening our focus in our largest markets such as C-2-C, cars, real estate, jobs and services. However, we cannot comment on market speculations at this stage,” a Quikr spokesperson said.
Launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, CommonFloor.com’s platform combines property search, apartment management and offers complete residential requirements. It has raised over USD 60 million till date and counts Accel Partners, Tiger Global and Google Capital among its investors.
The spokesperson of Bengaluru-based CommonFloor.com’s said that the portal is looking for funds but it has not finalised any deal.
“We are in the middle of fund-raising and there are multiple options on the table. We have not yet finalised one. We are working at multiple levels to ensure our growth takes place in a sustained manner,” the spokesperson said when asked about deal with Quikr.
“As a company policy we do not comment on speculations,” the spokesperson added.
Online real estate space is witnessing consolidation.
Recently, Rupert Murdoch-backed PropTiger acquired rival Makaan.com for an undisclosed amount.
Mumbai-based Housing.com has led a number of acquisitions. It has acquired a community forum on buying and selling homes (Indian Real Estate Forum), a company focused on doing due diligence of new real estate projects (Realty Business Intelligence), and a software for developers to manage and enhance their marketing and sales efforts (HomeBuy360).
Source: ET Bureau.