Online classifieds major Quikr acquires online real estate portal CommonFloor in a stock-and-cash deal for $200 Mn. This is the biggest and fourth strategic move of Quikr in its real estate category since launch of QuikrHomes about four months ago.
This move is an important step in the strategy of Quikr to form industry-leading verticals in categories in which it has always operated. And QuikrHomes will be benefit from domain expertise and structured data of CommonFloor.
Quikr has diversified itself into several vertical namely QuikrJobs, QuikrServices and QuikrHomes, each providing information on different segments. Pranay Chulet, CEO of Quikr said that they were currently not looking to rise any further funding. He added that company is just focusing on building these verticals.
Pranay Chulet said there are great interactions between CommonFloor and Quikr. They both believe in creating businesses that are strong on growth as well as monetization and have a tremendous cultural fit. With a highly successful recent campaign, launch of industry defining Street Vision, and by this announcement, QuikrHomes is off to a great start in 2016. They expect this transaction to not only accelerate the growth of QuikrHomes, but also their other verticals.
Sumit Jain, Co-founder and CEO, CommonFloor.com, said this merger creates a strong industry leader and gives them a very strong platform to grow the business further. Their obvious synergies will benefit consumers, property developers, as well as their real estate partners, who are all key to the progression of the online real estate ecosystem. They are excited about working together with the Quikr team and bringing more unique and compelling solutions to their consumers.
The merger will give CommonFloor.com access to Quikr’s 30 Mn consumers and connect the potential of the cross category nature of the platform, while QuikrHomes will benefit from CommonFloor’s structured data and domain expertise.
However, Commonfloor will continue to operate as a stand-alone entity.
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