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Quikr acquires Commonfloor for $200 million

Quikr acquires Commonfloor for $200 million

 

Tiger Global-funded online classifieds platform Quikr has finalised a stock-cum-cash deal to acquire real estate portal CommonFloor.com for $200 million (Rs 1,300 crore).

 

The deal will be announced next week, two people familiar with the development said.

 

A Quikr spokesperson, terming it 'market speculation', said: "We are always looking at strengthening our verticalisation strategy."

 

CommonFloor, which counts investors such as Accel, Google Capital and Tiger Global, was in talks to merge with Quikr, after it failed to raise additional capital to fund its business. So far, the firm has raised $60 million.

 

Pranay Chulet-founded Quikr, with a valuation of around $1.5 billion has been looking for acquisitions to strengthen its verticalisation strategy.

 

Quikr has raised $346 million in six rounds from investors such as Tiger Global, Warburg Pincus, and Norwest Venture Partners.

 

A few weeks ago, it acquired India Realty Exchange (IRX), a mobile-first aggregator of real estate agents founded by Vikram Dhawan and Karan Jindal for an undisclosed sum.

 

IRX tags agents and brokers with real-time projects and locations, and also helps users connect with them to buy and sell property.

 

The investment towards this latest acquisition is a strategic move that enables Quikr to strengthen its newly launched vertical, QuikrHomes.

 

 

 

 

 

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