E-commerce portal Quikr on Thursday (07 January) announced that it has acquired real estate aggregator CommonFloor.com with its real estate vertical QuikrHomes for an undisclosed amount.
This is Quikr’s fourth and the biggest strategic move in the real estate category since the launch of QuikrHomes about four months ago. Quikr said it will continue to operate both brands.
According to a report in
The Economic Times, the deal was structured as a majority stock swap and values CommonFloor at around $120 million,
The move is another important step in Quikr’s strategy to create verticals in categories in which it has always operated, the company said in a release.
“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,” it said.
"We expect this transaction to not only accelerate the growth of QuikrHomes, but also our other verticals," said Pranay Chulet, founder and CEO, Quikr.
"We are excited about working together with the Quikr team and bringing more unique and compelling solutions to our consumers," Sumit Jain, cofounder and CEO of CommonFloor, said in the statement.
Quikr recently acquired mobile-first aggregator of real estate broker community and realty compass Indian Realty Exchange (IRX), a platform that provides builder rating and project analysis.
Quikr raised $300 million (approximately Rs 1,985 crore) over the past two years and counts Tiger Global, Matrix Partners, Warburg Pincus and Kinnevik as major shareholders
QuikrHomes currently connects customers from over 1000 cities and towns across India and it helps conclude 2 lakh plus transactions per month. QuikrHomes is one of the key verticals for Quikr with 35 per cent of its revenue coming from this vertical.
CommonFloor has over 5 lakh active property listings from over 200 cities, and over 1 lakh residential projects listed.
BW Reporters
The author is Senior Correspondent with BW Businessworld
