Quikr acquires real estate portal CommonFloor.com for undisclosed sum
Bangalore: India's leading cross category classifieds business Quikr today announced its acquisition of real estate website CommonFloor.com for an undisclosed sum. The move is expected to bolster its online real estate segment after the launch of its real estate vertical four months ago.
The company said that it would merge CommonFloor with its real estate vertical QuikrHomes to compete better in the market.
Reports suggest that the deal has been structured as a majority stock swap. It values CommonFloor at around $120 million.
Quikr said that the merger, which is expected to be completed over the next two to three months, would give CommonFloor.com access to Quikr's 30 million consumers.
“We see great synergies between us and CommonFloor. We expect this transaction to not only accelerate the growth of QuikrHomes, but also our other verticals,” said Pranay Chulet, Founder and CEO, Quikr.
This is the fourth and biggest move by Quikr since the launch of its real estate vertical. Quikr earlier acquired Indian Realty Exchange (IRX), a mobile-first aggregator of real estate broker community and RealtyCompass, a platform that provides builder rating and project analysis. It also made a strategic investment in A N Virtual Tech, a company with real life imagery of streets and buildings in India's top 50 cities.
Meanwhile, Quikr has said that it will continue to operate both real estate brands – CommonFLoor and QuikrHomes.
“This merger creates a strong industry leader and gives us a very strong platform to grow the business further. Our obvious synergies will benefit consumers, property developers, as well as our real estate partners, who are all key to the progression of the online real estate ecosystem,” said Sumit Jain, Co-Founder and CEO, CommonFLoor.com.
QuikrHomes is one of the key verticals for Quikr with 35 per cent of its revenue coming from it. CommonFloor has over 5 lakh active property listings from over 200 cities, and over 1 lakh residential projects listed.