Quikr acquires CommonFloor sooner after the launch of QuikrHomes
Bengaluru, India | Red Newswire | Jan 7, 2015 Last Updated at 06:29 PM IST.
Quikr, the online classifieds startup has brought CommonFloor as part of its strategy to expand its recently launched portal QuikrHomes. The amount of the deal is undisclosed, however some sources value it at $120 million.
Quikr said in a statement that it will keep both the brands operational.
This acquisition was much talked topic in October last year. Both the companies have Tiger Global as a common investor.
The company said in a joint statement, “The merger, which is expected to be completed over the next two to three months, will give CommonFloor.com 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 expertise.”
Pranay Chulet, CEO of Quikr said, “We expect this transaction to not only accelerate the growth of QuikrHomes, but also our other verticals.”
Sumit Jain, co-founder of CommonFloor said in a statement, “We are excited about working together with the Quikr team and bringing more unique and compelling solutions to our consumers.”
Jain, Vikas Malpani and Lalit Mangal had denied the acquisition talks in October.
CommonFloor is owned by maxHeap Technologies and is backed by Google Capital and Accel Partners besides Tiger Global. Since its inception in 2008, the company has raised around $60 million and is presently valued over $100 million.
On the other side, Quikr has raised funds worth $350 million from Omidyar Network, Nokia Growth Partners, Norwest Venture Partners, Warburg Pincus, Kinnevik and Tiger Global. Its QuikrHomes division was launched in September, 2015.
This acquisition marks the second biggest consolidation in the online classifieds industry. Quikr also made two more acquisitions for QuikrHomes namely RealtyCompass (real-estate analytics platform) and Indian Reality Exchange (mobile real-estate agents aggregator).
Quikr also invested in WoNoBo, a street view mapping service. CommonFloor presently faces competition from housing.com, PropTiger, MagicBricks and 99Acres.
Source: ET Bureau